The hedge fund pushing for Pandora to be sold is also criticizing the company for bringing Tim Westergren back on as CEO and his statements about the future of the company. Westergren abruptly replaced Brian McAndrews in late March. Corvex Management said, “Given the nature of our various discussions, we were surprised by the appointment of Tim Westergren as CEO replacing Mr. McAndrews.” Corvex says the change was never brought up with the hedge fund executives, which the say was not a coincidence. “Exacerbating the situation, Mr. Westergren’s public statements after his appointment as CEO appear to indicate a “business as usual” approach at best, while at worst they suggest an unwillingness to consider a sale regardless of the price offered to shareholders or the cost and uncertainty inherent in a standalone business plan.”
Tim remember the morning, the meeting and the handshake with soundexchange? Really dumb decision Tim, really dumb.