Pandora Media Inc. said on Tuesday that Founder and Chief Executive Tim Westergren is officially stepping down. Westergren will also no longer sit on the company’s board. Pandora shares were up more than 2% following the news. Reports over the weekend had said Westergren was expected to exit the company. The internet radio company said the board of directors will begin the search for a new CEO immediately. Chief Financial Officer Naveen Chopra will serve as CEO in the interim. Pandora said it will fill Westergren’s seat on the board with Jason Hirschhorn. Shares of Pandora are down more than 35% in the year to date, while the S&P 500 index is up nearly 9%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News