Pandora CEO and one of the streaming service’s founding members Tim Westergren is set to step down from Pandora top-dog soon.
According to Recode Tim Westergren has decided to step down from his position as CEO of Pandora. Westergren remains for now however plans to make his departure when a suitable replacement is found.
Westergren has been with the music streaming service since he founded it 17 years ago, becoming one of the pioneers of online music streaming. Westergren took the place of CEO in 2016 after various professional managers sat in the position.
Assuming the news is true it seems a strange time for such a big shake-up in the company. Just over a week ago Pandora announced that they were receiving $480 million of investment from Sirius XM in exchange for 19% of shares. If Westergren’s planned exit is true then the timing seems very questionable, as the deal still hasn’t closed and Pandora wouldn’t want to cause uncertainty with their investor.
Pandora have been in a tough position in recent years generally. After becoming one of the first legitimate music services to grace the internet Pandora grew massively and now has over 80 million users. With the streaming boom bringing many fresh faces to the business though Pandora have been struggling to stay afloat from their free radio-streaming service.
Earlier this year Pandora released their first paid service, Pandora Premium, a subscription offering in the same vein of its rivals. With a more profitable offering that also gives users freer access to their giant music library Pandora are hoping 2017 is the year they make a profit.