The CEO of music streaming service Pandora is reportedly stepping down

Pandora Tim WestergrenGetty ImagesPandora CEO Tim Westergren.

That’s according to Recode, which reports that the exec will likely stay on until a replacement is found.

Westergren, Pandora’s co-founder, succeeded Brian McAndrews as the firm’s CEO in March last year.

Since then, Westergren has spearheaded the launch of Pandora’s interactive streaming efforts, including its $US9.99-a-month on-demand service Pandora Premium.

Earlier this month, SiriusXM invested $US480m in Pandora.

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

As MBW noted: “When you look under the hood of the Sirius deal, you start to wonder where Pandora — and particularly CEO Tim Westergren — are going to end up as a result. Especially if it’s under the thumb of SiriusXM Chairman — and Liberty Media CEO — Greg Maffei.”

Pandora posted a net loss of $US343m in 2016, on annual revenues of $US1.39bn.

According to SEC documents, the platform’s total active user count in the 30 days to end of March this year stood at 76.7m. Compared to the previous year, that figure has shrunk by 2.7m people.

NOW WATCH: JIM ROGERS: The worst crash in our lifetime is coming

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.