by Christopher Freeburn | September 12, 2013 10:10 am
Shares of online radio company Pandora (P) jumped more than 8% in Thursday morning trading after the company announced that it has selected a new CEO.
Brian McAndrews, a former media executive and venture capitalist, has been appointed Pandora’s new CEO, president and chairman, taking the reins of the Internet company at once. He replaces Joe Kennedy, who led the company for a decade, USA TODAY notes.
Pandora is facing increasing competition in the Internet radio business from competitors like Spotify and Rdio. In recent months, tech giants Google (GOOG) and Apple (AAPL) have announced similar services of their own, with Apple’s iTunes Radio expected to launch some time this fall.
McAndrews steered aQuantive from a tiny digital ad agency into an Internet ad powerhouse, which was acquired by Microsoft (MSFT) for $6 billion about seven years ago. He worked for Microsoft until 2009, when he departed to become partner at Madrona Venture Group. Andrews is expected to help Pandora increase its online advertising revenue.
Kennedy announced that he was stepping down as Pandora CEO in March.
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