Pandora Media's CEO Tim Westergren to step down: Report

Music streaming service Pandora Media's founder and chief executive, Tim Westergren, plans to step down, Recode reported citing people familiar with the company's plans.

The company has not yet selected a replacement for Westergren, who is likely to stay on at Pandora until a new chief executive is in place, Recode reported on Sunday.

Westergren, who co-founded Pandora in 2000, served as its Chief Executive and president from May 2002 to July 2004, before returning to the company as its chief executive last year.

The company could not be immediately reached for comment.

Earlier this month, Sirius XM Holdings said it would invest $480 million in Pandora, giving the satellite radio company better exposure to internet music streaming while providing financial footing to Pandora.

Pandora faces stiff competition from services such as Sweden's Spotify, Apple's Apple Music, Google Play Music and Amazon.com's Amazon Music Unlimited, which dominate the on-demand music service market.

(Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Gopakumar Warrier)