Shares of Pandora Media Inc. (P) were surging over 4% in after-hours trading on Monday after the music streaming company named Roger Lynch its new CEO, president, and a member of its board of directors, effective September 18.
"I cannot imagine a more important and exciting time to join Pandora," said Lynch. "With a massive, diverse and highly engaged audience, a market-leading digital advertising business, a best-in-class product portfolio and an extremely passionate and talented group of people, Pandora is well-positioned to capture an even greater market opportunity."
Naveen Chopra who has been serving as the company's CEO since June will maintain his role as CFO.
"After a thorough and thoughtful search process, we are thrilled to have Roger join us as CEO and a member of our board," Pandora's chairman Roger Faxon said. "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. 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."
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