Pandora up 20%, CEO steps down

Pandora CEO Joe Kennedy is stepping down after nine years at the helm.

NEW YORK (CNNMoney)

Joe Kennedy has been at Internet radio company's helm for nearly a decade, and Kennedy said he'll stay at Pandora (P) until the company finds a new leader. Shares of Pandora had fallen by more than a third since its June 2011 debut as a public company, but the stock has rallied this year on improving finances.

Kennedy said he "reached the conclusion" that it's time for him to move on, and he told the board to begin looking for a successor.

Pandora also announced strong quarterly revenue of $125.1 million, improved ad sales, and a better-than-expected forecast for the current quarter. The company continues to lose money, however, shedding $14.6 million in the past quarter.

Related story: Radio startup TuneIn launches new features

The popular service now has 67 million monthly active listeners. Pandora says it's the largest radio station in almost every major U.S. market, representing 8% of total U.S. radio listeners.

First Published: March 7, 2013: 5:29 PM ET

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