Pandora Media Inc (P) CEO Tim Westergren to Step Down

Pandora Media Inc (NYSE:P) CEO Tim Westergren is reportedly planning to step down.

Pandora Media Inc (P) CEO Tim Westergren to Step Down

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The reports that the Pandora Media Inc CEO is planning to step down come from unnamed insider sources. These sources claim that the company has yet to find a replacement for Tim Westergren.

If the reports are true, this will be the second time that CEO Tim Westergren has stepped down from the CEO position at Pandora Media Inc. Westergren was one of the company’s founders 17 years ago and came back to serve as CEO in 2016.

The unnamed sources say that CEO Tim Westergren will continue to lead Pandora Media Inc until his replacement is found. The reports that Westergren will step down come as the company faces financial trouble. A recent investment of $480 million from Sirius XM Holdings Inc. (NASDAQ:SIRI) is currently under consideration, reports Recode.

Pandora Media Inc’s troubles recently have also seen a shakeup for its management. Private equity firm KKR took a $150-million investment in the company earlier this year and added a member to its Board. At the same time, P also announced that two members of its Board of Directors were stepping down.

Pandora Media Inc last reported its earnings on May 9, which was the same time that the KKR investment was announced. The company saw losses per share that were better than expected, but its revenue didn’t meet Wall Street’s expectations.

P stock was up 1% as of noon Monday, but is down 34% year-to-date.

As of this writing, William White did not hold a position in any of the aforementioned securities.

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