The New York Post speculates that the reason former CEO Brian McAndrews left in March was because he was shopping the online streamer and there were no takers. Now, disgruntled investor Keith Meister has gone public with his desire to see the company sold. Meister’s Hedge Fund Corvex Capital owns 9.9% of Pandora. The Post reports that days before Meister’s decision not to pursue a proxy fight, based on assurances he received that the company would consider all paths to enhance shareholder value, he withdrew his nominee for the Pandora board. Five days later, Pandora replaced McAndrews, whom Corvex liked, with Pandora Co-Founder Tim Westergren.
No one running to the alter for a product that exponentially costs more to operate the MORE PEOPLE USE IT and has never come close to turning a profit since it’s inception.
Stunning.