Hot on the heels of a relatively strong quarter for the streaming music service, Pandora has announced that its long-time CEO and President, Joe Kennedy, will be stepping down. In a statement this afternoon, Pandora said that he will “continue in his current role until his successor is named.”
Kennedy, who has been at the helm of the streaming music service since July 2004 and helped take the company public, helped Pandora build a platform that now has over 67 million monthly active listeners. In its earnings report today, the company also said that it now stakes a claim to 8 percent of total U.S. radio listening market share.
“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,” Kennedy said in a statement today. “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.”
Kennedy’s exit will come as a surprise to many, and may put a damper on the 19 percent jump the company’s shares took in after-hours trading today.
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