McAndrews to succeed Kennedy as Pandora CEO

Brian McAndrews, former executive at Madrona Venture Group, Microsoft and aQuantive, will succeed Joe Kennedy as CEO, president and chairman of Pandora. His appointment is effective immediately.

The move comes months after Kennedy announced his plans to step down from the Internet radio firm. The company said it sought a candidate to build on Pandora's leading position in the category.

"No one better understands the intersection of technology and advertising, which [McAndrews] clearly demonstrated during aQuantive's meteoric rise," said Pandora founder and chief strategy officer Tim Westergren. "He has a recognized ability to set strategy, lead large teams, and drive growth and innovation at great scale."

Pandora shares jumped 5 percent in after-hours trading.