Pandora Shuts Down Australian Services

Pandora Shuts Down Australian Services

Pandora Shuts Down Australian Services

Pandora CFO Naveen Chopra has been named interim CEO until the company finds a more permanent replacement. Pandora confirmed the changes, and added that Westergren would also be removed from the firm's board of directors, effective immediately. After founding Pandora in 2000, Westergren stepped in for a second round as Pandora's chief past year, helping the company to broker fresh deals with music labels and launch a subscription service like Spotify's and Apple's.

The company supports "Tim's desire to identify a new CEO for Pandora's next stage", board member Tim Leiweke said in a statement.

The month of June is near its end, and so may be Tim Westergren's tenure as CEO of Pandora Media. Hirschhorn is chief executive officer of ReDEF Group, a digital content curation company, and is a former president of Sling Media.

The addition of Hirschhorn and Faxon to the board gives Pandora leaders who understand the music industry, but the company might need "hardcore strategists who can deal with the challenges of the market", according to Crupnick.

A number of business titles are reporting today that Tim Westergreen, the founder of Pandora, is stepping down. During his brief return as CEO, Westergren negotiated the direct licensing deals necessary to launch Pandora's on-demand streaming tier, though it has continued to struggle with profitability.

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Sirius XM Holdings Inc said earlier this month that it would invest US$480 million (RM2 billion) in Pandora, helping the company shore up its balance sheet.

Taylor Swift also announced recently that she was settling her differences with streaming services, which should help both Pandora and its competitors. Its shares were down 1.5 per cent to US$8.33 at 10am NY time.

Westergren's departure implies Sirius XM is quickly getting its own people in place at the top of Pandora, she said. Pandora makes most of its money from the free version, bringing in almost $1.1 billion in ad revenue a year ago.

Pandora's stock price remains under $9 per share.

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