Pandora Media Inc. (P) officially announced the resignation of co-founder and CEO Tim Westergren about an hour after trading of the company's stock was halted in premarket trade Tuesday morning. Shares at the open fell about 3%.
The company said that its board of directors will begin the search for a new CEO immediately, but in the meantime, CFO Naveen Chopra will take over on an interim basis.
"I am incredibly proud of the company we have built. We invented a whole new way of enjoying and discovering music and in doing so, forever changed the listening experience for millions. Westergren said. "With these in place, plus a strengthened balance sheet, I believe Pandora is perfectly poised for its next chapter."
Pandora also announced that Jason Hirschhorn, Chief Executive Officer of digital curation company the ReDEF Group, will join the company's board.
The music streaming service's shares fell 0.4% to $8.25 on Tuesday morning.
What's Hot On TheStreet
Another bank is bullish on Alibaba: JP Morgan initiated Chinese e-commerce giant Alibaba (BABA - Get Report) with an overweight rating and $190 price target in a new note Tuesday, representing more than 30% growth over Monday's closing price of $142.73. In JP Morgan's eyes, Alibaba is entering a transformation from a pure play e-commerce company to a data-driven beast that stands to power its bottom line more than most expect.
"We believe Alibaba's core commerce is expanding from traffic monetization to data monetization and such trend will quickly expand to its media/cloud businesses," writes JP Morgan analyst Alex Yao. "Such expansion not only allows Alibaba to tap into non-transaction-based corporate budget (e.g. market research, brand awareness, and customer service), but also supports our investment thesis based on sustainable revenue/earnings growth."
A key Walmart business springs back to life: Walmart (WMT - Get Report) is starting to see long-awaited sales growth at its U.K. Asda division as Britons shift their shopping habits towards food purchases with a slump in consumer confidence and surging inflation, TheStreet's Lisa Botter reports. Sales at Asda rose by 2.2% for the 12-weeks ended June 18, well ahead of the 0.9% pace notched in the 12 weeks to May 21, according to new data from research firm Kantar.
Different strategies emerge in driver-less cars: Alphabet Inc.'s (GOOGL - Get Report) deal with rental car giant Avis Budget Group Inc. (CAR - Get Report) to have Avis manage some self-driving test cars developed by Alphabet's Waymo unit and Fiat Chrysler FCAU feels a little overblown, writes TheStreet's Eric Jhonsa. The deal only covers test cars deployed in one metro area (Phoenix, Ariz.), and isn't exclusive, Jhonsa points out.
Meanwhile, Apple Inc.'s (AAPL - Get Report) deal with Avis rival Hertz Global Holdings Inc. (HTZ - Get Report) feels even smaller. Apple, which has reportedly been testing a half-dozen self-driving cars around the San Francisco Bay Area, is just leasing a small number of Lexus RX450h SUVs from Hertz, with the idea of retrofitting them with self-driving test systems.
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