Pandora announced Thursday CEO Joe Kennedy will be stepping down after 10 years in charge of the company. Kennedy will stay on until a successor is found.
"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," Kennedy said in a statement. "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."
Kennedy joined Pandora in 2004 — four years after the company was founded by Tim Westergren — after having worked at E-Loan and Saturn. Under his leadership, Pandora's user base has grown to more than 67 million monthly active listeners and there are now more than 700 employees on staff. In recent quarters, Pandora's business has been plagued by high royalty costs and low ad revenue for the growing number of mobile listeners. The online radio service has also been threatened by competitors such as Spotify as well as rumors that Apple might enter the music streaming space
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