NEW YORK (TheStreet) -- Pandora Media (P) stock is retreating 7.87% to $10.07 in early morning trading on Monday after the music streaming provider appointed founder Tim Westergren as CEO replacing Brian McAndrews, effective immediately.
Independent board member Jim Feuille will become chairman of the board, a position that was also held by McAndrews who is leaving the company.
"Tim is the ideal CEO for Pandora as we embark on our next phase of growth," Feuille said in a statement. "As the original founder, Tim carries the vision for how Pandora can transform the music industry and he is uniquely able to connect with listeners, music makers and employees."
Pandora also appointed CFO Mike Herring as president and Sara Clemens as chief operating officer.
Last week, Oakland, CA-based company added Anthony Vinciquerra to its board, heightening buyout speculation.
Separately, Pandora has a "sell" rating and a letter grade of D at TheStreet Ratings because of the company's deteriorating net income, disappointing return on equity, weak operating cash flow, disappointing stock performance and feeble earnings per share growth.
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