This week, Pandora Media, Inc. (NYSE: P) announced that it appointed Roger Lynch, who used to work at Dish Network Corp since 2009, as its new CEO, becoming the company’s fourth leader in less than two years. After the announcement, shares of the company increased 4.7% on Tuesday.
According to the company, Roger Lynch’s appointment is effective on September 18th. Michael Lynton, which is the former CEO of Sony Entertainment, will join the board.
In June, Tim Westergren, the company’s co-founder resigned, and Naveen Chopra succeeded as interim CEO. After hiring Roger Lynch, Chopra will continue to be the chief financial officer of the company.
“After a thorough and thoughtful search process, we are thrilled to have Roger join us as CEO and a member of our board. Roger brings a stellar leadership reputation, a wealth of consumer experience, and a lifelong passion for music to Pandora – all of which are critical ingredients in the continued evolution of our company,” Roger Faxon, Pandora’s current chairman, said in the statement on Monday.
“We are absolutely confident that Roger is the right leader for Pandora who can create value for shareholders by marrying Pandora’s numerous assets with the opportunities ahead,” he added.