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Pandora Names Brian McAndrews Chief Executive Officer, President and Chairman

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Pandora Names Brian McAndrews Chief Executive Officer, President and Chairman Pandora (NYSE:P), today announced that the company's Board of Directors has appointed Brian McAndrews, formerly of Madrona Venture Group, Microsoft and aQuantive, to succeed Joe Kennedy as Chief Executive Officer, President and Chairman, effective immediately.

In its search for a new CEO, the Board sought a candidate who could build on Pandora's leading position in internet radio and accelerate its fast-growing advertising business.

"We had very specific criteria for our new CEO, and we were very strategic about finding the right person Brian is that person," said Tim Westergren, Pandora's founder and chief strategy officer. "No one better understands the intersection of technology and advertising, which he clearly demonstrated during aQuantive's meteoric rise. He has a recognized ability to set strategy, lead large teams and drive growth and innovation at great scale. He is also a natural cultural fit with Pandora. This is a great development for our company."

Following senior positions at General Mills and ABC, McAndrews, took over Avenue A, a small digital agency in Seattle in 1999, and as President and CEO built it into aQuantive, the fastest-growing digital marketing company in the world at the time. aQuantive was subsequently acquired by Microsoft for $6 billion in 2007. After serving as a senior vice president at Microsoft and running Microsoft's Advertiser & Publisher Solutions group, McAndrews joined Madrona as an investing partner in 2009, focusing on early-stage technology companies. In addition to his work at Madrona, McAndrews currently serves on the boards of The New York Times Co., Grubhub Seamless and AppNexus.

McAndrews was recognized as Advertising Age's first-ever "Digital Executive of the Year" and he was designated one of the 30 most influential executives in the advertising, marketing and media world in Adweek's 30th Anniversary issue.

"It is a great privilege to be asked to lead Pandora at this important moment in the company's history," said McAndrews. "By capturing the enthusiasm of more than 72 million monthly listeners, the management team, led by Joe and Tim, has made Pandora the clear internet radio leader and created a product that consumers love. I look forward to joining this great team to build on Pandora's success for years to come."

"It has been an honor and pleasure to work with our management team and employees for the past nine years to reinvent radio and put Pandora on a clear path toward continued long-term growth," said Mr. Kennedy. "With a proven record of growing businesses and managing complex organizations, Brian is uniquely qualified to lead Pandora to the next level in our business. I'm confident that under his leadership, Pandora will continue to expand its business and deliver tremendous value to listeners, artists and advertisers."

Today's announcement concludes a transition process that began when Kennedy announced his decision to retire in March 2013.

"The Board has been working closely with Joe and the management team to ensure we found a leader who could build on our success and take full advantage of the extraordinary opportunities that lie ahead for Pandora," said Robert Kavner, Pandora's Lead Independent Director. "On behalf of the entire board, we thank Joe for his tireless leadership. Joe is handing over a company that is strong and well-positioned for long-term growth."

ABOUT PANDORA

Pandora (NYSE: P) gives people music and comedy 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 turn on Pandora every month to hear music they love. www.pandora.com

SOURCE: BUSINESS WIRE

©2014 Business Wire


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