Pandora CEO Tim Westergren departs

Traders work at the kiosk where Pandora internet radio is traded on the floor of the New York Stock Exchange in this

Pandora faces stiff competition from services such as Sweden's Spotify, Apple's Apple Music, Google Play Music and Amazon's Amazon Music Unlimited, which dominate the on-demand music service market.

The board will begin searching for candidates to fill the position, and CFO Naveen Chopra will serve as interim CEO.

Pandora also announced that Michael S. Herring, its president and former chief financial officer, and Nick Bartle, its chief marketing officer, were also leaving the company.

By then, Spotify was already touting it had 50 million paying subscribers every month, while Apple Music claimed 20 million subscribers a month for its on-demand service. Pandora had paid $335 million for it in late 2015, but sold it for $200 million to Eventbrite, an independent ticketing company.

Pandora is to close its Australia and New Zealand operations imminently, AdNews understands.

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Hirschhorn was previously the co-president of the once red hot social network Myspace.

As a result of the deal, Sirius was granted a 19% stake in Pandora, plus three seats on its board - including the Chairmanship.

The month of June is near its end, and so may be Tim Westergren's tenure as CEO of Pandora Media.

"We invented a whole new way of enjoying and discovering music and in doing so, forever changed the listening experience for millions", Westergren said.

"I believe Pandora is perfectly poised for its next chapter", Westergren says in a statement regarding the move.

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Since his return, the stock has tumbled 22 per cent. Pandora's shares were down 0.6 per cent at US$8.41 on Tuesday.

Taylor Swift also announced recently that she was settling her differences with streaming services, which should help both Pandora and its competitors.

Westergren often shared his backstory as a musician "living out of a van" before launching Pandora in 2000.

"We expect the new CEO of (Pandora) to come from (Sirius) directly, or from John Malone's extensive rolodex", Needham & Co analyst Laura Martin wrote in a note.

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