(CelebrityAccess) — Shares for streaming music service Pandora Media Inc. rose on news that the company had appointed Roger Lynch as CEO and president, and a member of its board of directors, effective September 18, 2017.
Naveen Chopra, who has served as Pandora’s interim CEO since June 2017, will continue in his role as chief financial officer for the company.
Lynch most recently served as the founder and CEO of Sling TV, an over-the-top internet television service that is owned by Dish Network. Prior to Sling TV, Lynch served as executive vice president, Advanced Technologies, for DISH Network and EchoStar Corporations, as well as CEO of Video Networks International Ltd., a UK based IPTV provider.
“I cannot imagine a more important and exciting time to join Pandora,” said Lynch. “With a massive, diverse and highly engaged audience, a market-leading digital advertising business, a best-in-class product portfolio and an extremely passionate and talented group of people, Pandora is well-positioned to capture an even greater market opportunity. As a lifelong musician and exuberant music fan, this is the perfect opportunity to combine my industry experience with my love for music. I look forward to working with this great team, having a lot of fun, and leading Pandora through its next exciting phase.”
Once the leading music streaming service, Pandora's fortunes have flagged in recent years as consumers chose on-demand streaming services such as Spotify over Pandora's earlier business model that did not allow users to play a specific song. Earlier this year, Pandora launched their own on-demand streaming service as well as additional paid subscription tiers that allowed consumers more playback options.
In addition, Pandora announced it has also appointed Michael Lynton, chairman of social media company Snap Inc. and former CEO of Sony Pictures Entertainment to its board of directors.
In addition, Pandora announced it has also appointed Michael Lynton, chairman of social media company Snap Inc. to its board of directors.
Shares of Pandora were up by 4% after the announcement on Tuesday. – Staff Writers