Pandora CEO Tim Westergren will be stepping down as its chief executive, the company announced on Tuesday.
Naveen Chopra, the company's chief financial officer will server as the interim CEO. The company's board of directors will begin searching for his replacement immediately.
Pandora's shares were down slightly on the news.
Westergren, co-founded the music streaming service in 2000, and served as its CEO and president from May 2002 to July 2004, before returning to lead the company last year.
"Tim stepped in to be CEO at a critical time for the company and was quickly able to reset relations with the major labels, launch our on-demand service, reconstitute the management team and refortify our balance sheet by securing an investment from Sirius. We support Tim's desire to identify a new CEO for Pandora's next stage," said Tim Leiweke, Pandora board member.