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Pandora’s CEO Is Stepping Down

Pandora Co-Founder Tim WestergrenPandora Co-Founder Tim Westergren
Pandora co-founder Tim Westergren in Washington, DC on February 3, 2015. Linda Davidson — The Washington Post/Getty Images

Music streaming service Pandora Media’s co-founder Tim Westergren stepped down as chief executive and board member as part of a management shuffle.

The company’s shares fell 2.6% at $8.24 in early trading.

Pandora said on Tuesday President Mike Herring and Chief Marketing Officer Nick Bartle are also leaving the company.

Westergren, who co-founded Pandora in 2000, served as its CEO and president from May 2002 to July 2004, before returning to lead the company last year.

Pandora named Naveen Chopra, who was hired as chief financial officer in February, as its interim CEO. Former Myspace co-president Jason Hirschhorn was named to the company’s board.

Pandora, which has never turned a profit on an annual basis, faces intensifying competition from services such as Sweden’s Spotify, Apple’s Apple Music and Alphabet’s Google Play Music.

Sirius XM said earlier this month that it would invest $480 million in Pandora, helping the company shore up its balance sheet.