Pandora’s founding CEO Tim Westergren, who returned to the top job just last year, intends to step down as the streaming service’s leader in the near future. According to Recode, which cites “people familiar” with the plans, Westergren won’t go anywhere until a replacement has been found and is in place.
A major investor in Pandora wants the company to sell out while it can.
Hedge fund Corvex Partners has revealed that it owns 10 per cent of the veteran streaming music company – and that selling out to a larger company is preferable to pursuing a “costly and uncertain business plan.”
In a US Securities and Exchange Commission filing, Corvex expresses dismay over the return of founder Tim Westergren as CEO.
The hedge fund doesn’t think it’s worthless – just that it would be worth more to shareholders if it sold now at a premium.