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Pandora Names Co-Founder Tim Westergren As CEO

/ CBS San Francisco

OAKLAND (CBS/AP) -- Pandora, which is facing increasing competition from Apple Music, Spotify and other music streaming services, says it named co-founder Tim Westergren as CEO.

Westergren is replacing Brian McAndrews, who is leaving the company, Pandora said. McAndrews has been CEO for less than three years.

Shares of Oakland-based Pandora Media Inc. fell about 9 percent to $9.94 in morning trading Monday.

Westergren co-founded the Internet radio company 16 years ago. He previously served as CEO of Pandora from 2002 to 2004.

© Copyright 2016 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.

First published on March 28, 2016 / 12:15 PM PDT

© 2016 CBS Broadcasting Inc. All Rights Reserved.

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