Pandora named a new CEO on Monday: Roger Lynch, previously head of Dish’s streaming service. Lynch will take up his position on September 18.
Lynch has an impressive resume, including being the founding CEO of Dish’s Sling TV, launched in 2015 (one of the first apps to provide live TV on the internet); Chairman and CEO of Video Networks International Ltd.; President and CEO of Chell Broadband (which first brought consumer broadband services to Europe); and many other technology-related posts.
Additionally, Pandora will be adding Michael Lynton to its board. Lynton is the chairman of Snap, Inc. and former head of Sony Pictures.
Naveen Chopra, who has been serving as Pandora’s interim CEO since co-founder Tim Westergren left in June, will continue his position as Pandora’s chief financial officer.
“After a thorough and thoughtful search process, we are thrilled to have Roger join us as CEO and a member of our board,” said current Board Chairman Roger Faxon. “Roger brings a stellar leadership reputation, a wealth of consumer experience, and a lifelong passion for music to Pandora—all of which are critical ingredients in the continued evolution of our company.”
Founded 17 years ago, Pandora Media Inc. has been floundering somewhat in recent years, faced with intense competition from Spotify and Apple Music, as well as other music apps.
US News speculates that Westergren left the company after serving as CEO for 15 months because of Sirius XM’s purchase of a 19% stake in the company. Sirius XM also commandeered three out of nine board seats, including the chairman position. Their total investment was $480 million.
To the stock market, at least, the hiring of Lynch appears to have been a good financial move. Company stock has already added 35 cents, or 4.3%, to after-hours trading. Not too shabby for a stock that has dropped 38% already this year.