Shares in the the US-based internet radio company Pandora tumbled after announcing the exit of its chief executive and return of the company's founder to replace him.
Brian McAndrews is exiting the media company and will be replaced by founder Tim Westergren who served as boss in its early days until 2004.
Shares were down more than 10 per cent in pre-market trading.
Chairman of the board Jim Feuille said: "“Pandora today is in a strong position to maximise our full potential and expand the music marketplace. Tim is the ideal chief for Pandora as we embark on our next phase of growth. As the original founder, Tim carries the vision for how Pandora can transform the music industry and he is uniquely able to connect with listeners, music makers and employees.
“Pandora has become a stronger company under Brian’s leadership, and we thank him for his commitment and contributions to building Pandora’s core leadership team and strengthening its position in the market. Moving forward, we have an excellent executive leadership team that is focused on activating Pandora’s strategy and driving long-term value through a relentless focus on execution and operational excellence.”
McAndrews earlier this year insisted the company was not up for sale following reports it had tapped Morgan Stanley to explore options.
He told analysts at the time: “It’s just not something we are focused on. We are focused on working as an independent company and driving our business. We are a public company and all that that entails.”
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