- Pandora (NYSE:P) confirms that founder Tim Westergren is stepping down as CEO, and that the company will begin a CEO search immediately.
- It's named Naveen Chopra, the company's chief financial officer, as interim CEO.
- Westergren also leaves the board. Jason Hirschhorn is joining as a director.
- “Over the past several weeks, the board has taken a number of steps to refocus and reinforce Pandora," says director Roger Faxon on the board's behalf. "As listeners continue to move from traditional terrestrial radio to more dynamic and flexible offerings, it is the board’s belief that this transition continues to present a massive opportunity, and that Pandora is in an ideal position to capture an increasing share of this audience."
- Shares were halted earlier this morning with broad expectations that the company would confirm a couple of days' worth of news that Westergren was on his way out.
- Updated 9:18 a.m.: Pandora shares have resumed trading, now up 0.6% premarket.
- Now read: Risk Arbitrage Today: Will Pandora Be Sold?
Original article