Pandora CEO Tim Westergren Stepping Down

Reports web-wide have come flooding in of Tim Westergren's departure, a mere three weeks after Sirius XM announced it would invest $480 million in the online streaming company.

Westergren is a co-founder of Pandora, and was also CEO between 2002-2004.

According to CNN Money, Pandora shares are down more than 35% this year, including hitting an all-time low a few days after the Sirius XM deal which was purpoted to give them a 16% stake in the online radio 

It's been said investors have been disappointed that Sirius XM is only buying a stake in Pandora, rather than a full takeover. Rumors have circulated Verizon may also be interested in buying a stake in Pandora.

Among investors, the beleif is Pandora needs to join a larger company to combat strong competition from Apple, Spotify, and Jay-Z backed Tidal.

Tidal is still a direct competitor

CNN Money reports - 'Despite decent sales growth, Pandora has continued to lose money and may need more cash. To that end, Pandora also said on the day of the Sirius XM investment that it would sell its Ticketfly unit to Eventbrite for $200 million.'

While Pandora's future and future leader is up in the air, Spotify is gearing up for a mammoth IPO, hiring talent and filling out their tech through acquisitions - one most notably in the Blockchain space.

Spotify will launch their IPO this year

Pandora was a pioneer in free online streaming, but it, too, has begun to experiment with a premium model that lets users avoid commercials. Pandora announced a $10-a-month on-demand service for listeners earlier this year.

Read more on Billboard & TechCrunch