The music streaming company picked Lynch to be CEO, ending the search for a replacement for Tim Westergren who left in June. Lynch will join the company, and its board, on September 18.
Pandora also says that former Sony Entertainment chief Michael Lynton, who’s chairman of Snap, has joined its board.
Westergren, who co-founded Pandora in 1999, may have seen the writing on the wall after SiriusXM — owned by John Malone’s Liberty Media — agreed to invest $480 million in the streaming media company for 19% of the stock. SiriusXM will control three seats on Pandora’s nine-member board, with one serving as chairman.
Pandora CEO, President, And CMO Leave Following SiriusXM Investment
Pandora shares are up 4.7% in post market trading following news of Lynch’s move.
“Roger brings a stellar leadership reputation, a wealth of consumer experience, and a lifelong passion for music to Pandora – all of which are critical ingredients in the continued evolution of our company,” company chairman Roger Faxon says.
Before launching Sling TV, Lynch was Dish’s EVP of Advanced Technologies. He also held multiple positions leading internet initiatives in the UK and the Netherlands, and was a technology investment banker with Morgan Stanley.
“I cannot imagine a more important and exciting time to join Pandora,” Lynch says. “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.”
Sling will move to Dish COO Erik Carlson’s portfolio at the end of this month.
“Erik is positioned to fully support and grow our enterprise’s portfolio, including our Sling TV asset, as we work to connect 100% of the country through satellite, OTT, wireless and even digital over-the-air offerings,” CEO Charlie Ergen says.
Lynch, he adds, “built a fantastic team that will take Sling TV into the bright future ahead, and I wish Roger the best in his new endeavor.”
Pandora shares have lost more than 38% of their value so far in 2017 as it struggled to keep up with streamed music competitors including Amazon, Apple, Google, and Spotify.
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