MediaBay announced that Hakan Lindskog, president and chief operating officer, will also become CEO, effective Jan. 1, 2003. He will succeed Michael Herrick, a cofounder of the company, who has been CEO since 2000. Herrick is stepping down as CEO, but will remain a company director and will serve as a consultant.
Lindskog joined MediaBay in June 2000 and was named president in November 2001, at which point he assumed responsibility for all day-to-day operations of the company. Before joining MediaBay, Lindskog had been group executive v-p and COO of International Masters Publishing Group. According to Lindskog's employment agreement, he will receive a salary of $350,000 for October 1, 2002, through December 31, 2003, and a salary of $400,000 in 2004.
