Pandora Co-Founder and CEO Tim Westergren to Step Down

Exec, who co-founded music streaming service 17 years ago, is leaving, according to Recode

Tim Westergren, Chief Executive Officer of popular music streaming service Pandora, plans to step down from his role, according to a report from Recode that cites people close to the situation.

The Oakland-based company does not have a replacement ready to go. Westergren will stay on with Pandora until a new CEO is set to take the reigns.

Pandora did not immediately return TheWrap’s request for comment on Westergren’s reported pending departure.

Westergren co-founded Pandora 17 years ago and has been its CEO since last year. He was also its chief exec from 2002 to 2004. Before Westergren took over last April, the company was run by a number of professional managers.

While the company was at the forefront of digital streaming, its inability to generate ad revenue and paid subscribers has let platforms like Apple Music and Spotify pass it by. Pandora had more than 80 million active users at the end of 2016, but only 4.4 million paid subscribers. Spotify, on the other hand, recently passed the 50 million paid subscriber milestone.

Pandora’s share price has followed suit, with the company falling from $37 per share in early 2014 to below $10 now. Its stock is up 2 percent to about $8.50 in early morning trading on Monday following the Westergren news.

SiriusXM gave the company a needed cash infusion earlier this month, investing $480 million for a 19 percent stake in the company and three board seats.

Keep
Reading...

Looks like you’re enjoying reading
Keep reading by creating
a free account or logging in.