Pandora names TV exec new ‘conductor’
Pandora named an over-the-top TV executive its chief executive on Monday, ending a search that began in June when co-founder Tim Westergren stepped down for a second time.
Roger Lynch, the founding CEO of Sling TV, will take the reins of the Oakland, Calif., music-streaming company and join its board on Sept. 18.
Naveen Chopra, who’s serving as Pandora’s interim CEO, will then revert to his role as chief financial officer.
Pandora also announced that Snap Inc. chairman and former Sony executive Michael Lynton has joined its board.
Lynch, whose résumé includes stints at Dish, EchoStar and Morgan Stanley, has his work cut out for him.
Pandora recently posted a net loss of $275 million for its second quarter on a 10 percent revenue gain, to $377 million.
But it also lost 2.1 million active listeners during the quarter, to 76 million, at a time when it and rivals are measured by growth.
Pandora’s closely watched paid subscribers to services — designed to compete with Apple Music, Spotify and Tidal — did manage to increase its numbers 24 percent this past year.
But the company’s late adoption of the subscriber model has resulted in a total of fewer than 5 million paying customers.
Chairman Roger Faxon nonetheless expressed optimism that Pandora now has the right leadership and product mix.
“With ‘digital radio’ at the core of our business, and both ‘Plus’ and ‘Premium’ as new, integral parts of our arsenal, Pandora is now in an ideal position to leverage changing consumer behaviors,” Faxon said.
Wall Street also endorsed Lynch’s appointment, sending Pandora shares up nearly 4 percent in after-hours trading, to $8.39.
In June, Pandora received a $480 million lifeline from SiriusXM in exchange for 19 percent of it equity and three board seats.