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Pandora CEO quits, media bigwig Jason Hirschhorn joins board

Pandora CEO quits, media bigwig Jason Hirschhorn joins board”

On Tuesday the company announced that chief executive and co-founder Tim Westergren will step down from his position and his seat on the board.

Satellite radio network SiriusXM recently said that it will invest $480 million in Pandora, forging a union between two companies that have operated on parallel tracks. Pandora CFO Naveen Chopra has been named interim CEO until the company finds a more permanent replacement.

Pandora's competitor Spotify had no comment on Westergren's departure; Warner Music Group, Universal Music Group and Sony Music - companies which Westergren spent much of 2016 repairing relationships with - did not immediately respond to a request for comment.

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Trader Daniel Ryan, left, and Robert Charmak work at the post that handles Pandora on the floor of the New York Stock Exchange, Tuesday, June 27, 2017. The stock has taken a beating and its biggest new initiative - an on-demand service like those offered by Spotify and Apple - arrived late. The statement released by Pandora Radio have no explanations as to why it suddenly shuttered its Australian and New Zealand operations.

The company, which has never turned a profit on an annual basis, faces intensifying competition from services such as Sweden's Spotify, Apple Inc's (AAPL.O) Apple Music and Alphabet's (GOOGL.O) Google Play Music.

Tim Leiweke, a Pandora board member, explained that it was Westergren's decision to leave the company.

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As MBW noted: "When you look under the hood of the Sirius deal, you start to wonder where Pandora - and particularly CEO Tim Westergren - are going to end up as a result". The stock's current win streak, which would be the longest since the six-day streak ending September 23, 2016, started after it closed at a record low of $6.91 on June 19. The $9.99-a-month service, called Pandora Premium, was meant to wring money out of Pandora's massive user base in a more effective way than its ad-supported product.

Shares of Pandora Media Inc., which are already down 35 percent since the beginning of the year, slipped about 1 percent to $8.38 in midday trading.

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