Tim Westergren, who co-founded Pandora 17 years ago and who's been serving his second round as CEO for the past year, plans to step down, Recode reported Sunday.
Pandora started as a vanguard of music streaming with its digital version of radio, but it has lost steam over the last five years to faster-growing rivals like Spotify and Apple Music. Earlier this month, Pandora agreed to sell a 19 percent stake in the company to in exchange for a $480 million infusion.
The company hasn't selected a replacement for Westergren, who is expected to stay on until a new CEO is in place, according to the report.
Pandora declined to comment.