Pandora Media Inc. is the biggest online radio service company in the US. The company had announced naming its new chairman and chief executive officer. Digital ad-veteran Brian McAndrews was appointed chairman and CEO of Pandora Media. The expertise of McAndrews would help Pandora to fend off competition from rival Apple Inc.
McAndrews was also named president of Pandora Media. He succeeded Joe Kenner, who announced his planned exit last March. This was according to a statement today from California based Pandora Media. McAndrews held a previous position at aQuantive Inc, a digital marketing firm bought by Microsoft Corp. last 2007 for a USD6 billion deal.
Pandora Media had been aiming to shore up a crucial part of its business. This was after ad sales did not show growth as fast as listeners or costs. Royalty fees also increased that hurt the company's profit.
Pandora jumped 7.6% after the announcement to USD23 in the extended trading. The shares rose to 5.1% to USD21.38 at the close of trade in New York.
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