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

by Fredrick Graves June 28, 2017, 1:40
Pandora Media's CEO Tim Westergren to step down: Recode

The leadership changes at Pandora Media are taking place faster than expected: Today the company says that CEO Tim Westergren made a decision to step down, with CFO Naveen Chopra filling in as interim CEO.

Licensing costs have been an on-going issue for the service and it has struggled to expand its reach outside of the U.S. Pandora has also felt significant pressure from the rise of on-demand streaming services like Spotify and Apple Music.

Tim Westergren has been running Pandora since 2016.

Investors came back from the weekend in a ho-hum mood Monday, as many well-known local companies' shares finished in the red, but a few notable names ended the day's trading in positive territory. Now, it is also offering a full on-demand service to directly compete with Spotify and Apple Music.

"Over the past several weeks, the board has taken a number of steps to refocus and reinforce Pandora".

Pandora could be set to put an end to its operations in Australia and New Zealand in the coming days. 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. But in the last five years, it ceded momentum to faster-growing rivals like Spotify and Apple Music, which stuck more modern deals with labels that let listeners hear almost any song they want, as often as they want.

Brazil president: corruption charge a 'fiction'
Janot's investigation into Temer was looking into corruption, obstruction of justice and being part of a criminal organization. Janot's 64-page decision was a blistering assessment of Temer and his actions as Brazil's top leader.

Sirius XM Holdings Inc (SIRI.O), controlled by media mogul John Malone's Liberty Media Corp, had said it would invest US$480 million in the company, get three board seats and the right to pick the chairman.

The departure was part of a major shake-up in Pandora's top management, with president Mike Herring and chief marketing officer Nick Bartle also leaving the company.

The company's financial chief, Naveen Chopra, will become interim CEO as the company seeks a permanent successor.

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