Pandora has announced this week that CEO Joe Kennedy will be stepping down. Kennedy has been the head of Pandora for the last 10 years. He will stay on board until a successor is found. Kennedy joined Pandora in 2004, around 4 years after the company was founded by Tim Westergren. Kennedy previously worked with companies like E-Loan and Saturn before Pandora.
“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,” stated Kennedy. “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.”
While Kennedy worked at Pandora, the company’s user base grew to over 67 million monthly active listeners. Currently there are over 700 employees at Pandora. Pandora is still struggling with high royalty costs and low ad revenues for mobile listeners. Pandora is now heavily competing against services like Spotify.