Pandora CEO To Step Down

Pandora Media Inc (NYSE: P) stock popped briefly following a Tuesday morning halt after the company announced the departure of CEO Tim Westergren.

Westergren will also step down from the board of directors, and CFO Naveen Chopra will serve as interim CEO, according to a press release.

“Tim stepped in to be CEO at a critical time for the company and was quickly able to reset relations with the major labels, launch our on-demand service, reconstitute the management team and refortify our balance sheet by securing an investment from Sirius XM,” board member Tim Leiweke said. “We support Tim's desire to identify a new CEO for Pandora's next stage.”

The release suggested that Westergren’s departure aligned with the board’s strategy.

"Over the past several weeks, the board has taken a number of steps to refocus and reinforce Pandora,” Board member Roger Faxon said.

See Also: 3 Ways Pandora Can Generate Some Significant Upside

Recode first reported the news Sunday night, but the company declined to comment at the time. Westergren took over as CEO in April 2016.

Pandora welcomed to the board Jason Hirschhorn, CEO of ReDEG Group and former executive of Myspace, Inc., Sling Media, Inc., MTV Networks and Metro-Goldwyn-Mayer Studios, Inc.

The management shakeup comes at a tumultuous time for Pandora, as rumors abound of a buyout by Sirius XM Holdings Inc. (NASDAQ: SIRI).

The stock closed Monday at $8.46. Shares are down nearly 28 percent over the last year.

Image credit: frankieleon, flickr