Pandora CEO Tim Westergren departs

Pandora

Pandora Chief Financial Officer Naveen Chopra was named interim CEO while the board conducts a search for a new chief executive.

Pandora was an early pioneer in streaming music, and grew its user base to more than 80 million people, most of whom used the free version of its web radio service. "With "digital radio" at the core of our business, and both "Plus" and "Premium" as new, integral parts of our arsenal, Pandora now has all of the tools necessary to capitalize on this opportunity". Jason Hirschhorn will fill Westergren's spot on the board.

Hirschhorn was previously the co-president of the once red hot social network Myspace.

Westergren is not only stepping down from the top executive spot, but is also resigning from Oakland company's board of directors, the company announced Tuesday.

President Mike Herring and CMO Nick Bartle also left.

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With these changes, Pandora will have undergone a almost complete overhaul of its management in a little more than a year, and investors and music executives are now waiting to see what influence Sirius XM and its owners, Liberty Media, will have on the remade company.

Although Westergren is expected to stay on at Pandora in another role, his departure as CEO may be a move to appease shareholders still concerned about the lack of profit at the streaming service. "We invented a whole new way of enjoying and discovering music and in doing so, forever changed the listening experience for millions", Westergren said in a statement.

The company supports "Tim's desire to identify a new CEO for Pandora's next stage", board member Tim Leiweke said in a statement.

On his return just over a year ago, the company revamped its $5 a month internet radio service, giving listeners the ability to skip and replay more songs.

Westergren will reportedly remain with Pandora in some capacity if he gives up his CEO seat. The electric carmaker has increased its credit lines by $800 million as it prepares to start production on its upcoming Model 3 sedan.

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