Pandora names online ad vet new CEO, chairman, shares +2.9% AH

|About: Pandora Media (P)|By:, SA News Editor

Brian McAndrews, once the CEO of online ad agency aQuantive (acquired by Microsoft for $6B), has been named Pandora's (P) new CEO and chairman, effective immediately. (PR)

McAndrews replaces Joe Kennedy, who has been CEO for 9 years and announced plans to step down in March. Following the Microsoft acquisition, McAndrews served as the head of Microsoft's Advertiser & Publisher Solutions group. Most recently, he was a partner at a VC firm.

Pandora was generally expected to hire a CEO with a strong ad sales background, as the company works to improve mobile monetization (it's already making some progress here) and courts traditional radio advertisers (both local and national) amid competition from the likes of Apple and Spotify. Investors seem pleased with Pandora's choice.

Earlier: Pandora higher as Apple falls