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Pandora Media's CEO Tim Westergren to step down - Recode

Pandora Media's CEO Tim Westergren to step down - Recode

Tim Westergren, one of Pandora's cofounders 17 years ago now serving his second round of CEO for the last year, plans to step down, according to a report by Recode.

Westergren, who co-founded Pandora in 2000, served as its Chief Executive and president from May 2002 to July 2004, before returning to the company as its chief executive previous year.

Earlier this month, SiriusXM invested $480m in Pandora. Both these moves have resulted in a cash infusion of roughly US$700m. Westergren served as the company CEO from 2002 until 2004 but then became chief strategy officer; a series of executives succeeded him most recently Brian McAndrews, who Westergren replaced as CEO in March 2016. Since the start of 2017, Pandora's shares have fallen more than 35 percent, to around $8.43 Monday. As part of that deal, Sirius will get to put three new members on Pandora's board of directors, including the company's next board chairman, and it is expected to have a big influence on Pandora's direction.

Pandora hasn't given its investors much to be pleased about lately. That will give Sirius XM, famous for being the home of Howard Stern, a 16% stake in Pandora. They even hit an all-time low a few days after the Sirius XM deal. Liberty Media owns a large stake in ticketing competition Live Nation and investors have urged Pandora to refocus its efforts on streaming.

Kvitova reaches 1st final since attack
Barty, meanwhile, delivered the biggest scalp of her career after coming from behind to defeat Muguruza. Broady commented on her speed not just laterally but up to short balls which she then just nails.

Despite decent sales growth, Pandora has continued to lose money and may need more cash. That same day, Pandora announced it would sell its ticketing arm Ticketfly to Eventbrite.

Swift famously pulled her catalog from Spotify in 2014 after the release of her "1989" album.

Pandora's value diminished as it struggled to keep up with streamed music competitors including Amazon, Apple, Google, and Spotify. Pandora announced a $10-a-month on-demand service for listeners earlier this year.

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