Pandora co-founder and CEO Tim Westergren to reportedly step down

Traders work at the kiosk where Pandora internet radio is traded on the floor of the New York Stock Exchange in this

Pandora CEO Tim Westergren to step down: report

Pandora's founding CEO Tim Westergren, who returned to the top job just previous year, intends to step down as the streaming service's leader in the near future.

That's according to Recode, which reports that the exec will likely stay on until a replacement is found. Earlier this month, Pandora agreed to sell a 19 percent stake in the company to SiriusXM in exchange for a $480 million infusion. Visit MarketWatch.com for more information on this news.

These initiatives, which moved to the forefront after Westergren added the CEO role in 2016, helped shift the music industry's perception of Pandora from foe to friend past year. But Sirius appears uninterested in Pandora's new offering. Pandora reported a $132.3 million net loss in Q1, up 14.9%, on revenues of $316.0 million, up 6.3%. A good chunk of his first year was spent securing various label deals that enabled Pandora to launch its long-simmering on-demand subscription service, putting it in direct competition with key rivals Spotify and Apple Music.

However, Sirius' business is highly dependent on the automotive market, which is changing as cars are becoming connected, capable of accessing other services over the internet. At the same time, Sirius doesn't have to shoulder all of Pandora's risk in a volatile market that is highly dependent on licensing agreements.

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