- Push-out Score determined
- After less than a year and a half in the position
- Jim Meyer taking over
(exechange) — Oakland, California, January 29, 2019 — Roger Lynch, chief executive of Pandora, leaves. It is a change at short notice. As announced by Pandora Media Inc. in a news release on Tuesday, January 29, 2019, Roger J. Lynch leaves his post as Chief Executive Officer at the media streaming services company after less than a year and a half in the role.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 8.3 years, according to data compiled by exechange. Only 14 percent of the CEOs who departed over the past 12 months left the position within two years, and 23 percent left the position within three years.
Pandora also announced that stockholders of Pandora approved the acquisition of Pandora by Sirius XM Holdings Inc.
Roger Lynch’s duties will be taken over by James E. (Jim) Meyer, currently Chief Executive Officer of Sirius XM.
Roger Lynch’s move is part of a management shake-up also involving the positions of General Counsel; Chief Financial Officer; and Chief Human Resources Officer.
No reason given
In the announcement, Pandora did not explicitly explain the reason for Roger Lynch’s imminent move, leaving room for speculation.
Precise information regarding Roger Lynch’s future plans was not immediately available.
Pandora said: “As of the transaction close, Roger Lynch, Chief Executive Officer of Pandora, will be stepping down from his role and exiting the company.”
Share price decline
The announcement follows a decline in Pandora Media, Inc.’s share price of 78 percent since March 2014.
Chaired by Gregory B. Maffei
Pandora Media, Inc. is chaired by Gregory B. Maffei.
Gregory B. Maffei, age 57, has served as a director and the President and Chief Executive Officer of Liberty Media Corporation since May 2007, Liberty Broadband Corporation since June 2014 and Liberty TripAdvisor Holdings, Inc. since July 2013 and has served as Chairman of the Board of Liberty TripAdvisor since June 2015.
In the position of CEO since 2017
Roger Lynch has served on the Company’s board of directors and as the Company’s chief executive officer and president since September 2017.
Prior to joining Pandora, Lynch served as chief executive officer of Sling TV Holding L.L.C., a subsidiary of DISH Network, from July 2012 to August 2017.
Lynch also served as executive vice president, advanced technologies for DISH Network from November 2009 to August 2017.
He previously served as executive vice president, advanced technologies for EchoStar from November 2009 to December 2014.
Prior to joining DISH Network, Lynch served as chairman and CEO of Video Networks International, Ltd., an IPTV technology company in the United Kingdom.
Lynch holds a Bachelor of Science degree in physics from the University of Southern California and a Master of Business Administration degree from the Tuck School of Business at Dartmouth College.
At the time of Roger Lynch’s appointment as Chief Executive Officer at Pandora, Roger Faxon, then chairman, had stated: “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. 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. As I have said before, with ‘digital radio’ at the core of our business, and both ‘Plus’ and ‘Premium’ as new, integral parts of our arsenal, Pandora is now in an ideal position to leverage changing consumer behaviors to further expand and monetize our listening audience. We are very excited to welcome Roger as our CEO as we embark on our next chapter with renewed focus, a strong balance sheet, a strategic partnership with SiriusXM, and an incredible team of loyal and creative employees.”
At the time of his appointment as Chief Executive Officer at Pandora, Lynch had said: “I cannot imagine a more important and exciting time to join Pandora. 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. As a lifelong musician and exuberant music fan, this is the perfect opportunity to combine my industry experience with my love for music. I look forward to working with this great team, having a lot of fun, and leading Pandora through its next exciting phase.”
Push-out Score determined
The Push-out Score™ determined by exechange gauges the likelihood that a manager was pushed out or felt pressure to leave the position.
exechange reached out to Pandora and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 5.2019 ($).