CEO Joseph Kennedy announced he plans to step down from the position he’s held since 2004, USA Today reports. This news comes despite the fact that Pandora Media Inc. recently reported a higher fourth quarter earnings than analyst predicted.
LA Times reported when the announcements were made on Thursday, shares for the company shot up up $2.42 to $14.15 during after-hours trading.
According to the report, Kennedy said he would step down once the company found a successor. During a teleconference in which he reported the company’s earnings, Kennedy said, “My heart is still 100% in Pandora …But as I approach the start of my tenth year, my head is telling me. It is time to get to a recharging station sooner rather than later.”
If the rise in stock price holds, that will be a rebound for the company, whose stock took a dive in September when it was reported Apple might launch a music platform similar to Pandora’s.
Kennedy also said in the conference that the company has a “strong momentum especially with mobile monetization and a plan for the fiscal year that we are all excited about.”
The company reported it expects to earn an annual revenue between $600-$620 million this year.