Pandora CEO stepping down as soon as board finds successor

On the same day that the digital music service announced soaring earnings, Pandora's CEO also revealed he is stepping down.
Written by Rachel King, Contributor

Despite a stellar fourth quarter earnings report on Thursday, Pandora's chief executive officer Joe Kennedy isn't sticking around much longer.

See also on CNET: Pandora posts revenue gains as ads soar

Kennedy's decision wasn't included in the company's earnings statement published after the bell today, but rather slipped out quietly on its own -- perhaps not to detract from the strong Q4 revenue gains.

However, an exact reason for Kennedy's departure has not been disclosed. Here are Kennedy's official remarks:

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. 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. There is a tremendous market opportunity ahead and I look forward to continuing to work with all the great people at Pandora to keep driving the business forward.

Pandora highlighted that during Kennedy's tenure, the company has grown into "the world’s largest personalized Internet radio service" with more than 67 million monthly active listeners as well as the largest radio station in almost every major U.S. market.

Kennedy, who has led Pandora since 2004, will remain in his current role until a successor is found. That search starts immediately.

Image via Pandora

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