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
TLC "Deeply Saddened" As It Pulls All Episodes of '19 Kids And Counting' In Wake Of Child Molestation Allegations - Update
'Jurassic World' Tracking Like 'Man Of Steel' - But How Many $100M+ Openings After That In Summer 2015?
Latest Film News
- Melissa McCarthy Staying At CAA
- ‘Jurassic World’ Tracking Like ‘Man Of Steel’ – But How Many $100M+ Openings After That In…
- ‘Tomorrowland’ & ‘Poltergeist’ Rise In Matinees – Box Office Friday
- ‘Mr. Holmes’ Lawsuit: Arthur Conan Doyle Estate Sues Bill Condon & Distributors
- Michael Rooker Signs Up For ‘The Belko Experiment'; Bai Ling To Have ‘Maximum Impact’
- Swoosie Kurtz On ‘Mike & Molly,’ Mom And Her First Tony Award Nomination