Pandora's (P) CEO Steps Down As Troubles Continue Unabated
Zacks Investment Research | Jun 28, 2017 08:20AM ET
Pandora Media Inc’s (NYSE:P) CEO, Tim Westergren, has stepped down from his role and will no longer serve as a board member. CFO Naveen Chopra will serve as the CEO in the interim. Apart from Westergren, the company announced the departure of President, Mike Herring and CMO, Nick Bartle.
Westergren, who was reinstated as the CEO last year, signed off by saying “I am incredibly proud of the company we have built. We invented a whole new way of enjoying and discovering music and in doing so, forever changed the listening experience for millions.”
He further added “We rebuilt Pandora’s relationships with the music industry; launched a fantastic Premium on-demand service, and brought a host of tech innovations to our advertising business. With these in place, plus a strengthened balance sheet, I believe Pandora is perfectly poised for its next chapter.”
Meanwhile, the company has inducted Jason Hirschhorn to the company’s board. He serves as the CEO of a digital content startup, ReDEF Group.
Pandora’s Troubles
Seventeen years ago, Will Glaser, Jon Kraft and Tim Westergren founded a company called Savage Beast Technologies, which later came to be known as Pandora Media. Despite the fact that Pandora holds a prime position in the online radio market, the company has been struggling with profitability.
Rising costs related to licensing, expansion and higher operating expenses add to its woes. Pandora will reportedly be pulling out of Australia and New Zealand, its only two international markets as it battles rising costs.
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