Pandora Names Brian McAndrews the New CEO
Shares surged following the announcement Wednesday.
Shares of Pandora Media surged Wednesday after the digital music company announced it had hired as its new CEO Brian McAndrews, a former top executive at online advertising firm aQuantive.
Pandora shares rose 5 percent to $21.38 during the regular session Wednesday, then advanced another 8 percent after the closing bell.
McAndrews replaced CEO Joe Kennedy, who stated in March he would step down from the post but remain with the company until a successor was named.
"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.
McAndrews held senior positions at General Mills and ABC, as well as a small digital ad agency called Avenue A before his stint as CEO of aQuantive, which Microsoft purchased for $6 billion in 2007. However, five years later, the giant software firm took a $6.2 billion write-down that it said was mostly related to its acquisition of aQuantive.