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| Pandora Announces Beginning of Leadership Transition Process |
Board Initiates CEO Search
“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,” said Pandora Chief Executive
Officer During Mr. Kennedy’s stewardship, Pandora has:
“On behalf of the Board, I would like to thank Joe for his leadership,
dedication and innumerable contributions to Pandora,” said
“Over the last nine years I have enjoyed an extraordinary partnership
with Joe, working with him to grow the Company and build an exceptional
team,” said The Board of Directors has formed a search committee and will engage a nationally-recognized search firm to help identify candidates as expeditiously as possible. About Pandora Pandora gives people music they love anytime, anywhere, through connected devices. Personalized stations launch instantly with the input of a single "seed" - a favorite artist, song or genre. The Music Genome Project®, a deeply detailed hand-built musical taxonomy, powers the personalization of Pandora® internet radio by using musicological "DNA" and constant listener feedback to craft personalized stations from a growing collection of more than one million tracks. Tens of millions of people in the U.S. turn on Pandora to hear music they love. "Safe Harbor" Statement
This press release contains forward-looking statements within the
Private Securities Litigation Reform Act of 1995, including, but not
limited to, statements regarding the Board’s search for a successor
Chief Executive Officer, its leadership transition plan and its future
market opportunity. These forward-looking statements are based on
Pandora's current assumptions, expectations and beliefs and involve
substantial risks and uncertainties that may cause results, performance
or achievement to materially differ from those expressed or implied by
these forward-looking statements. Factors that could cause or contribute
to such differences include, but are not limited to: the Company’s
ability to identify and hire a highly qualified Chief Executive Officer
and potential disruption to the Company’s operations and management that
could result from the transition; the Company’s operation in an emerging
market and its relatively new and evolving business model; the Company’s
ability to increase its listener base and listener hours; its ability to
attract and retain advertisers; its ability to generate additional
revenue on a cost-effective basis; competitive factors; its ability to
continue operating under existing laws and licensing regimes; its
ability to establish and maintain relationships with makers of mobile
devices, consumer electronic products and automobiles; the Company’s
ability to manage its growth; its ability to continue to innovate and
keep pace with changes in technology and its competitors; risks related
to service interruptions or security breaches; and general economic
conditions worldwide. Further information on these factors and other
risks that may affect the Company’s business is included in filings it
makes with the
Source: Pandora
For Pandora
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