Pandora media (NASDAQ: P), the other name of internet radio, recently announced the appointment of Brian McAndrews as the chief executive, president and chairman of the company. Mr McAndrews will replace the outgoing Joe Kennedy, who had announced his retirement in March. The outgoing CEO had been serving at the company since 2004 and oversaw the company through its IPO in 2011. The Pandora media stock has gained over 80% since its listing. The new CEO McAndrews comes in at a time the company is staring at stiff competition ahead with Apple Inc. all set to launch its iTunes radio service later this month. The new service will be the latest competitor to Pandora’s internet radio service and it remains to be seen how the company will deal with this challenge. The immediate goal of the new CEO will be to boost the company’s advertising revenue as the company faces increasing royalty fees for its content as it sees its user base growing. An increase in the advertising revenues will offset the high content costs the company is currently subject to, thereby increasing the profitability of the company.
The last week also saw some insider selling activity at Pandora media. The insiders sold a total of 241,614 shares in the first 10 days of September for a total sale value of $4.6 million. The most notable seller was Westergren Timothy, the chief strategy officer and director who offloaded 85000 shares in a single transaction on Sep 3. The Pandora media stock saw a huge gain of over 12% in yesterday’s trading session after having opened 10% higher than its Wednesday close. The stock has seen a huge gain of over 30% since the beginning of September.
To see Pandora Media’s latest stock price movement, click here (NASDAQ: P)
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