Music Industry News Network [03-11-2013]
Pandora Announces Beginning Of Leadership Transition Process
Pandora, the leading Internet radio service, today announced it will begin a process to identify a successor to the Company's Chairman, Chief Executive Officer and President, Joseph Kennedy. Mr. Kennedy, who has led the Company since July 2004, will continue in his current role until his successor is named, in order to ensure an orderly transition.
"As I near the start of my tenth year at the helm of Pandora, I am incredibly proud of the team and what we have accomplished in redefining radio. As part of our Board discussions of the road that lies ahead, I reached the conclusion and advised the Board that the time is right to begin a process to identify my successor," said Pandora Chief Executive Officer Joe Kennedy. "There is a tremendous market opportunity ahead and I look forward to continuing to work with all the great people at Pandora to keep driving the business forward."
During Mr. Kennedy's stewardship, Pandora has:
Created the world's largest personalized Internet radio service, with over 67 million monthly active listeners.
Become the largest radio station in almost every major U.S. market with over 8% of total U.S. radio listening.
Built an extraordinary team, over 700 strong with a sales presence over 28 major markets, that delivered over 14 billion listener hours in fiscal 2013.
Delivered total revenue of $427.1 million and mobile revenue of $255.9 million in fiscal 2013.
"On behalf of the Board, I would like to thank Joe for his leadership, dedication and innumerable contributions to Pandora," said Robert Kavner, Pandora's Lead Independent Director. "During his tenure, Joe and his management team created a terrific business from the ground up, and, through his stewardship during the formative stages of Internet radio, Pandora now leads with 70% market share. We appreciate his continued strong leadership and dedication to the Company through this process."
"Over the last nine years I have enjoyed an extraordinary partnership with Joe, working with him to grow the Company and build an exceptional team," said Tim Westergren, Pandora Founder and Chief Strategy Officer. "I look forward to continuing to work with Joe to achieve our goals for 2013 and to help assure a smooth leadership transition."
The Board of Directors has formed a search committee and will engage a nationally-recognized search firm to help identify candidates as expeditiously as possible.
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