Pandora's competitor Spotify had no comment on Westergren's departure; Warner Music Group, Universal Music Group and Sony Music - companies which Westergren spent much of 2016 repairing relationships with - did not immediately respond to a request for comment.
Westergren will also step down from the board of directors, and CFO Naveen Chopra will serve as interim CEO, according to a press release. Pandora also announced that Pandora president Mike Herring and CMO Nick Bartle would also step down.
Pandora, which for most of its lifetime offered free internet radio but has lately tried to make some headway in subscription music streaming, spent over a year looking for a buyer.
Many investors believe Pandora needs to be part of a larger company to deal with tough competition from Spotify, Apple, Amazon and Tidal, the service backed by Jay-Z.
Pandora could be set to put an end to its operations in Australia and New Zealand in the coming days. Further, Pandora announced it has appointed Jason Hirschhorn to its board, filling a recently vacated seat. Now the CEO of the ReDEF Group, the digital content curation company that he founded in 2013, Hirschhorn was previously the Chief Product Officer and Co-President of Myspace.
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As per the sources, the company has not selected a replacement for Tim Westergren yet, and he will stay on as the CEO at the company until a new CEO is in place. Will Westergren's unexpected resignation pave the way for an eventual and total acquisition of Pandora Radio? Before that, he was president of streaming TV box maker Sling Media and the chief digital officer at MTV Networks.
Westergren says he's "incredibly proud " of the company and reclaimed the CEO title a year ago "to drive transformation across the business". In a separate transaction to improve its cash balance, Pandora also said it sold the concert-ticketing business Ticketfly for US$200 million.
This month, satellite radio company SiriusXM agreed to buy a $480 million stake in the company.
But Pandora, despite drawing about 76.7 million active listeners in the first quarter, has been struggling to increase its profits.