Pandora (s P) Chairman, CEO and President Joe Kennedy is stepping down from his posts, the company announced today shortly after the release of its Q4 results. Kennedy, who has led the company since 2004, will remain in charge until Pandora has named a successor.
Those quarterly results were mixed: for the company’s fiscal Q4 2013, which ended in January, Pandora clocked $125 million in revenue during that quarter, compared to $81.3 million during its fiscal Q4 2012. However, losses also grew substantially to $14.4 million, compared to $8.1 million a year ago. For its fiscal FY 2013, Pandora incurred losses of $37.7 million, which is up significantly from the $19.9 million it incurred in its fiscal FY 2012.
Pandora has long struggled with finding a business model that matches its high licensing costs. The company spent 61 percent of its revenue last year on music licensing, and it has repeatedly pushed to lower the rates it has to pay rights holders.