Pandora CEO Tipped To Step Down
Music streaming player Pandora might be facing a regime change in the coming months, with reports that CEO Tim Westergren plans to step down after 17 years.
As originally reported by Recode, “he will likely stay on at the company he founded 17 years ago until a new CEO is in place.”
Pandora has yet to formally comment on the rumors.
Westergren, one of the company’s co-founders, took on the mantle of CEO in 2016.
The company has claimed it plans to sign up 11 million of its 80 million active subscribers by 2020.
Though an early front-runner in the music streaming world, Pandora has lost ground to rival Spotify as competition in the space has accelerated over the last few years.
In an effort to regain ground, the company agreed to sell a 19% stake in the company to SiriusXM in exchange for a $480 million infusion last month.