After a ten year run as CEO of Pandora, it was announced today that Joe Kennedy will step down as head of the company once a successor can be determined. Before heading up the internet radio giant, Kennedy worked at E-Loan and Saturn. He took the reigns from Pandora founder Tim Westergren in 2004, and under his watchful eye the company has grown to encompass 67 million monthly active listeners and over 700 employees.
According to a statement from Kennedy,
“As part of our Board discussions of the road that lies ahead, I reached the conclusion and advised the Board that the time is right to begin a process to identify my successor… There is a tremendous market opportunity ahead and I look forward to continuing to work with all the great people at Pandora to keep driving the business forward.”
Although Pandora’s fourth-quarter earnings were better than expected, the company has definitely seen better days. A combination of high royalty costs, low ad revenue, and strong competition from the likes of Spotify ultimately resulted in mounting losses for Pandora. The company reported a non-GAAP loss of $0.04 per share, which is up from $0.03 a share during the same quarter a year before, though it’s worth noting that Pandora’s stock jumped almost 20% in after-hours trading following the news of Kennedy’s departure.
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