As the original founder, Tim carries the vision for how Pandora can transform the music industry and he is uniquely able to connect with listeners, music makers and employees,” said Chairman Jim Feuille in a statement. Tim is the ideal CEO for Pandora as we embark on our next phase of growth. “Pandora today is in a strong position to maximize our full potential and expand the music marketplace. This is a key area that all digital music services are trying to develop to leverage their audiences better, in particular as a response to the launch of several “native” music services from the likes of Apple and Google that may attract users away from over-the-top earlier movers like Pandora and Spotify. These new services are geared towards artists monetizing their content better. The company has been building additional features into the platform - specifically new services like AMPcast (an artists’ audio messaging service expanded also this past month). (The company in January said it expects fourth-quarter revenue to be between $325 million and $330 million, up 21%-23% year over year, which was short of analyst expectations.) Pandora today also reaffirmed its previously announced revenue and adjusted EBITDA guidance. It’s also been losing key talent, such as Tom Conrad, who joined Snapchat earlier this month. Last quarter the company reported 81.1 million listeners, down from 81.5 million a year ago, with revenue guidance coming in below analysts’ expectations, sending stock into a decline. Pandora’s business has been on a bumpy ride for a while. “His team will develop, deliver and drive adoption of products that connect fans and artist in new ways, including on-demand, and help advertisers reach their audiences,” the company said. Pandora’s Chief Product Officer, Chris Phillips, will take charge of product, engineering and marketing. Her responsibilities include music makers, Ticketfly, international, human resources and corporate development.” Sara Clemens, as Chief Operating Officer, will focus “on growing and scaling the business and operating new ventures. He will also continue to focus on driving efficiencies and expanding margins.” In addition to Westergren, there are several other executive changes being made at the same time. Mike Herring becomes President and Chief Financial Officer, where he will focus on “monetization of Pandora’s core business covering revenue, music licensing, finance, legal, and information technology. McAndrews, who is leaving the company today, had been in the job for 2.5 years. Westergren, who founded the company in 2000 and was initially its “chief creative officer” and treasurer, also briefly served as CEO from 2002 to 2004. I’m 100 percent committed to Pandora’s growth strategy, as is our executive team and Board.” We have the audience, the technology infrastructure, the monetization engine and most importantly the right team with the passion and commitment to do it. “We are pursuing a once-in-a-generation opportunity to create a massive, vibrant music marketplace. We’re on the cusp of realizing an extraordinary vision: fundamentally changing the way listeners discover and enjoy music, and the way artists build and sustain their careers,” said Westergren in a statement. “I am incredibly excited about the future of Pandora. The changes take place immediately, along with a wider new management structure. Brian McAndrews, who had been CEO, is leaving the company. Today the company announced that founder Tim Westergren has taken the helm as CEO. Music streaming service Pandora may be looking to sell itself, but more immediately it’s focused on firming up its management structure once again to shore up investor confidence.
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