According to press releases, in an attempt to reverse flagging stock cost, Pandora Media Inc., stated co-founder, Tim Westergren will be appointed as chief executive officer after replacing Brian McAndrews.
These changes are set to be affective very soon.
A former musician, 50 years old Westergren is believed to take care of industry’s expansion within on-demand streaming and concert promotion to compete well with Apple Inc. On the other hand, a former advertising executive, 57 years old McAndrew is finally saying goodbye to the company.
He had become a part of Pandora’s team in year 2013. His aim was to assist the company with its monetary policies. Though sales grew under him, Pandora had 81.1 million users at the end of last year; a decline of 400,000 from the year earlier.
Initial reports by anonymous sources in February stated that in order to grip more potential buyers, the industry is looking into developing more strategies after hiring Morgan Stanley. Likewise, the management is looking into almost increasing fourfold sale; worth exceeding US$ 4 billion by year 2020.
The later efforts would surely assist the firm to uplift itself on competing platform with Apple Inc. and Spotify but at the same time would lead the company to further losses.
The company reported 4th Quarter sales worth US$ 336.2 million, above prior estimates of analysts US$ 341.6 million. EPS was 4 cents a share, trailing projections of 6 cents. The sales will be US$ 1.4 billion. to US$ 1.42 billion on current annual scale – below estimates of US$ 1.47 billion – as what the firm reports.
Following the announcement, the shares were down 8.7 percent to US$ 9.98 at 9:41 a.m. in New York.
Chief Financial Officer Michael Herring will take the title of president meanwhile Sara Clemens has been promoted to a new designation i.e. chief operating officer.