Pandora appoints Roger Lynch as new CEO
- Lynch has held leadership roles at companies like Sling TV and Dish.
- Co-founder Tim Westergren said he would step down as CEO at the end of June.
Pandora is under new leadership, after its founder stepped aside as CEO for the second time earlier this summer.
Roger Lynch, who has held leadership roles at companies like Sling TV and Dish, will be CEO of the music streaming company.
Co-founder Tim Westergren said he would step down as CEO at the end of June after returning to lead the company last year. Westergren also served as CEO from May 2002 to July 2004.
The company has faced significant pressure over the past year, the company's ongoing battle against the likes of Spotify and Apple Music. It lost money in the latest quarter, and has announced divestiture of online ticket platform Ticketfly and the discontinuation of Pandora operations in Australia and New Zealand.
Shares hit an all-time intraday low of $6.76 per share in June, down from an intraday high of $40.44 in 2014.
The company fended off an acquisition offer from SiriusXM, only to accept a strategic investment from the satellite radio company. That investment was in lieu of an investment from KKR, a firm known for private equity deals.
Pandora's board chairman said he hopes Lynch will improve Pandora's balance sheet.
"Roger brings a stellar leadership reputation, a wealth of consumer experience, and a lifelong passion for music to Pandora – all of which are critical ingredients in the continued evolution of our company," chairman Roger Faxon said in a statement.
Pandora is also hoping to take advantage of changing consumer behavior, Faxon said. Michael Lynton, Snap chairman and former Sony Entertainment executive, will come to Pandora's board.