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Pandora Says Founder Westergren to Return as CEO, Replace McAndrews

  • CFO Herring to assume role of president; Clemens promoted COO
  • Web radio company has hired Morgan Stanley to evaluate options
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Pandora Hired Morgan Stanley to Evaluate Options

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Pandora Media Inc., which has been exploring a sale of the company, said co-founder Tim Westergren will become chief executive officer more than a decade after he last ran the world’s largest online radio service, replacing Brian McAndrews.

Pandora, struggling to fight off competitors Spotify Ltd and Apple Inc. and reverse a stock slump, has been working with Morgan Stanley to assess strategic options, including a potential sale, people with knowledge of the matter have said. And last week, the company added long-time media executive Anthony J. Vinciquerra to its board.