Pandora CEO Kennedy to step down

Updated: Thursday, 07 Mar 2013, 5:43 PM EST
Published : Thursday, 07 Mar 2013, 5:43 PM EST

OAKLAND, Calif. (AP) — Pandora Media Inc. Chief Executive Joseph Kennedy is stepping down.

The company announced the change Thursday after reporting fourth-quarter results that showed a narrower loss and higher revenue than analysts expected.

Shares jumped $2.23, or 19 percent, to $13.96 in after-hours trading on the news.

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Pandora CEO Kennedy to step down

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