CEO Streams Out of Pandora

Pandora CEO, President and Chairman Joe Kennedy has resigned. The news came Thursday during the streaming music service’s quarterly earnings call.

“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,” Kennedy said last night.

“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,” he added.

Although Pandora is yet to push itself into profitability, Kennedy presided over significant growth and achievements at the company. He was, by all accounts, instrumental in creating the world’s largest personalized Internet radio service, with over 67 million monthly active listeners.

Sources say Kennedy will depart on good terms with Pandora. He will remain CEO until a replacement is selected.