(CelebrityAccess) — Pandora co-founder and CEO Tim Westergren is planning to step down from his post at the company.
Sources familiar with the company’s plans told Recode that Pandora has not identified a replacement for Westergren and that he will likely remain in place until a new CEO has been hired.
News of Westergren’s departure comes a month after satellite radio broadcaster SiriusXM announced a $480 million investment in Pandora that gave them an almost 20% stake in the streaming music company. The investment follows months of financial turmoil for Pandora, which has lost ground in the streaming music market in the face of Spotify and Apple Music.
While Westergren has long been the public face of Pandora, a company he helped to found, he has only served as CEO since 2016.