Pandora Gets a New CEO

By Eric Volkman – Sep 11, 2013 at 4:57PM

NYSE: P

Pandora Media, Inc.

Brian McAndrews will be the company's top executive as well as its president and board chairman.

Pandora Media (P) has switched the station in its executive suite. The company announced it has tapped Brian McAndrews to be its new CEO, chairman, and president, effective immediately. In all three positions, he replaces Joe Kennedy, who announced earlier this year that he would step down from the company.

Previously, McAndrews was president and CEO of digital marketing specialist aQuantive until its acquisition by Microsoft in 2007. He subsequently served as a senior vice president at the software giant, leaving it to take a partnership at Madrona Venture Group.

Pandora said in an SEC filing that McAndrews will receive an annual salary of $500,000 for his labors and be eligible for a bonus of up to 100% of that amount. He will also be paid a onetime signing bonus of $150,000 and be granted a set of stock options.

Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool recommends Pandora Media and owns shares of Microsoft. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.