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Pandora Media's founder returns as CEO Online music streaming service Pandora Media Inc appointed founder Tim Westergren as its chief executive to replace Brian McAndrews, who left the company pandora gpo on Monday, sending its shares down 10%.
The company also appointed independent board member Jim Feuille as chairman and promoted chief strategy officer Sara Clemens to chief operating officer. McAndrews is known for his leadership authentic pandora charms of online display advertising company aQuantive Inc, which Microsoft Corp bought in 2007 for US$6bil (RM23.9bil) after paying an 85% premium. "I'm sure the stock performance was a factor in McAndrews' departure," Wedbush Securities analyst Michael Pachter told Reuters. Pandora last month reported disappointing fourth quarter results with active listeners of 81.1 million at the end of December, a slight pandora braclets fall from a year earlier. The company had said it planned to invest US$345mil (RM1.3bil) in 2016 to expand its paid subscription service and enter new markets, with an aim to achieve US$4bil (RM15.9bil) in revenue by 2020. It reported revenue of US$1.16bil (RM4.63bil) for 2015. "McAndrews was pretty ambitious, and my guess is that Westergren will be a bit more deliberate, so we will likely see a slower roll out of their international expansion," Pachter said.
Pandora held discussions about selling where to get a pandora bracelet itself, the New York Times reported last month. However, the company later said it was focused on working as an independent company.