Pandora CEO Tim Westergren reportedly will step down

From CNET: Tim Westergren, who co-founded Pandora 17 years ago and who's been serving his second round as CEO for the past year, plans to step down, Recode reported Sunday.

Pandora started as a vanguard of music streaming with its digital version of radio, but it has lost steam over the last five years to faster-growing rivals like Spotify and Apple Music. Earlier this month, Pandora agreed to sell a 19 percent stake in the company to SiriusXM in exchange for a $480 million infusion.

The company hasn't selected a replacement for Westergren, who is expected to stay on until a new CEO is in place, according to the report.

Pandora declined to comment.

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