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Pandora CEO Resigns

March 7, 2013

By Gilbert Falso :: 7:51 PM

Pandora's CEO is leaving.Joe Kennedy, Pandora’s CEO, President and Chairman has resigned from the company.

He made his resignation announcement during Pandora’s quarterly earnings call earlier today. The board of directors will form a search committee to find a successor, but Kennedy will remain in his current role until his replacement is selected.

Although Pandora’s financial numbers are decent – in fiscal year 2013, the company totaled $427.1 million in revenue and $255.9 million in mobile revenue, with $125.1 million in revenue for the most recent quarter that ended on January 31 – they’re not strong enough to make the company profitable.

Pandora had an IPO in 2011, and had opened at $16 per share and the stock then jumped into the $20s, but has since been lower, just into the double-digits as they try hard to turn a profit. Recently, they made an unpopular announcement with their users that they would be cutting mobile listeners off after 40 hours of music play each month.