Joseph J. Kennedy said he would be leaving Pandora Media after a 9-year tenure. His announcement was made to his Board on Tuesday and in an analyists call on Thursday. Now the Internet radio service will search for a successor. The chairman/CEO may be getting out just in time. In September 2012 the stock was pummelled by reports that Apple may launch a rival ad-supported music service. Pandora investors fear that the streaming music service — which tailors selections to users’ tastes — could be crushed by the electronics giant. Pandora has about 150 million registered users, and 55 million of them listen frequently giving it a significant head start over Apple. But payments for music rights eat up about 60% of its revenues which has severely impacted Pandora’s profitability. Since that report, Pandora’s stock has righted itself and the company has posted better-than-expected earnings and growth for its fiscal 4th quarter and full year.
Pandora Media Chief To Leave Just In Time
What's Hot on Deadline
'Tomorrowland' Bows Overseas With $26.7M, 'Ultron' Dominates With $45.8M, 'Mad Max' Adds $38.2M, 'Spy' Nabs $12.5M
Cannes Winners: The French Did Well, The Italians Didn't - But Who's Complaining After Cinema's World Cup?
TLC "Deeply Saddened" As It Pulls All Episodes of '19 Kids And Counting' In Wake Of Child Molestation Allegations - Update
Hot Cannes 'Circle' Package Imperiled As Alicia Vikander In Talks To Star In 'Assassin's Creed', New 'Bourne' Film
Latest Film News
- Cannes Winners: The French Did Well, The Italians Didn’t – But Who’s Complaining After Cinema’s…
- Anne Meara Dies; Actress, Comedian Of Stiller Family Was 85
- Cannes: Audiard’s ‘Dheepan’ Wins Palme D’Or At Emotional, Musical Ceremony – Update
- Mathematician John Nash, Subject Of ‘A Beautiful Mind’, Dies In Car Crash
- Bart & Fleming: Girl Power Pics, Cate Blanchett, Melissa McCarthy, Suzanne Somers And Disney Self-Absorption
- Memorial Day B.O. Runs Cold: ‘Tomorrowland’ Is No Flying Car With $40.7M Bow – Second Sunday Update