Cohen Leaves Seatwave
In ‘Great Shape’

Seatwave founder and chief exec Joe Cohen is stepping down just as the UK-based secondary ticketing company appears as if it’s about to make some money.

Cohen, who founded the company in 2006 and will remain as non-executive chairman, will step aside and be replaced by chief marketing officer Louise Mullock, who will hold the reins until a new chief exec is found.

“It’s time for a new chapter for me personally,” Cohen told Financial Times, which broke the story Jan. 8. “I feel the business is in great shape, with a great team, and I would like to step back and think about the rest of my life.”

Although ticket resellers claim to have had a tough time because the live music market has dipped, in 2012 Seatwave’s revenues broke through the £10 million barrier for the first time.

Its pre-tax losses have dropped in recent years and the FT expects the company will break even in 2013.

The secondary market has also come in for some fierce criticism as some politicians still seek to regulate it, but the UK government shows little sign of legislating against it.

There have been rumours that the company is up for sale or about to float, but Cohen says he doesn’t expect either will happen in the immediate future.

“We have venture investors in the business and they need a return at some point,” he told FT. “We don’t have anything cooking right now. We’re always talking to folks.”