Pandora Beginning 'Leadership Transition Process'

Seeking New CEO

On the heels of YESTERDAY's news that PANDORA MEDIA CEO JOE KENNEDY is leaving the company (NET NEWS 3/7), the Company said TODAY that they will begin a process to identify a successor. KENNEDY, who has led the Company since JULY 2004, will continue in his current role until his successor is named, in order to ensure an orderly transition.

"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 KENNEDY. "There is a tremendous market opportunity ahead and I look forward to continuing to work with all the great people at PANDORA to keep driving the business forward."

"On behalf of the Board, I would like to thank JOE for his leadership, dedication and innumerable contributions to PANDORA," said Lead Independent Dir. ROBERT KAVNER. "During his tenure, JOE and his management team created a terrific business from the ground up, and, through his stewardship during the formative stages of Internet radio, PANDORA now leads with 70% market share. We appreciate his continued strong leadership and dedication to the Company through this process."

"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 Founder/Chief Strategy Officer TIM WESTERGREN. "I look forward to continuing to work with JOE to achieve our goals for 2013 and to help assure a smooth leadership transition."

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.

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