Pandora the music streaming service on Internet might be trying to become a takeover target, but even more immediately, it is focused on restructuring its management again to ensure investor confidence.
Today, Pandora announced that Tim Westergren its founder has take over the reins as the CEO, and that Brian McAndrews, who had been the CEO was leaving.
The new changes are immediate, and coincide as well with a big restructuring in management.
Westergren via a prepared statement said he was very excited regarding Pandora’s future. He added that the company was on the cusp of reaching an extraordinary vision of fundamentally changing how listeners can discover then enjoy music and how artists can build then sustain their careers.
Westergren, who in 2000 founded Pandora and was initially its treasurer and chief creative officer, also was briefly the CEO between 2002 and 2004.
McAndrews, who leaves the business today, has been the CEO for 2 ½ years.
Pandora said that several other changes were made with executives. Mike Herring became the CFO and President. Sara Clemens will be the COO and focus on the growing and the scaling of the business as well as operating new ventures.
Chris Phillips the Chief Product Officer, will take over engineering, marketing and products.
Pandora has had a bumpy ride with its business for some time. During its last quarter the business reported it had 81.1 million listeners, which was down from the same time one year ago of 81.5 million.
Revenue guidance was below expectations on Wall Street, which at that time sent stock downwards. It also has lost some big talent like Tom Conrad who jumped to Snapchat in early March.
Pandora also reaffirmed today its announced revenue as well as EBITDA guidance it previously released. The company announced in January that it is expecting revenue for the fourth quarter of $325 million to $330 million which is up by between 21% and 23% from the same period last year.
However, that came up short of expectations.
There is a rumor that Pandora is working together with Morgan Stanley trying to locate a buyer. However, Pandora has recently acquired Rdio assets and Ticketfly.