Online music streaming service Pandora recently reinstated its 40-hour limit on monthly mobile usage for free users. Now, the company is in headlines again as its CEO, Joe Kennedy, announced he is stepping down during the company’s fourth quarter earnings call.
"My heart is still 100 percent in Pandora," he said in the call. "But as I approach the start of my tenth year, my head is telling me. It is time to get to a recharging station sooner rather than later."
The company’s stock jumped 20 percent after the news broke. Kennedy has helped the digital radio company grow to 67 million monthly active users with total revenue of $427.1 million in 2013, with $255.9 million of that from mobile revenue.
Pandora commands eight percent of all radio listening, and advertising revenue of $109 million amounted to a 51-percent increase over the fourth quarter a year ago.
"On behalf of the Board, I would like to thank Joe for his leadership, dedication and innumerable contributions to Pandora,” Robert Kavner, Pandora’s lead independent director, said in a statement. “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 percent market share. We appreciate his continued strong leadership and dedication to the company through this process.”
Image via CNNMoney
“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 the release. "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.”
TechZone360 Web Editor
Are you unknowingly working for someone else and is Big Tech making vast gains at our expense?
As businesses continue to accumulate data that has the potential to improve operations and increase revenue, dashboard design is becoming a key compon…
Artificial intelligence (AI) is one of the most talked about and debated topics of conversation happening today. It is touching every industry.
Practically every organization has vast amounts of "dark data" in the form of weblogs, machine logs, and logs from sensors on everything from oil rigs…
It's time for some fresh thinking about voice services. Once the dominant source of revenue for mobile operators, voice calls are now a rare form of c…