Until the company finds a replacement, Westergren will continue to hold the office.
As per a Recode’s report, Tim Westergren, the founder and CEO of Pandora Media Inc, a music streaming service, has decided to step down. However, he will continue to discharge his duties till a replacement is found.
Westergren co-founded Pandora in 2000 and served as its Chief Executive and president from May 2002 to July 2004. He then left the company only to return as its chief executive in 2016.
Pandora Media could not be immediately reached for comment.
Earlier this month Sirius XM Holdings Inc had disclosed it would be investing $480 million in Pandora and thus provide the music streaming company stronger financial foothold. The investment would also provide Pandora better exposure to internet music streaming.
This assumes significance given the fact that the internet music streaming industry is facing severe competition from players such as Sweden’s Spotify, Apple’s Apple Music, Amazon.com’s Amazon Music Unlimited and Google’s Play Music.