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Pandora CEO calls it quits

Following the company's earnings report, CEO Joseph Kennedy announces that he will leave the music-streaming company.

Joe Kennedy, Pandora CEO. Greg Sandoval/CNET

Pandora CEO Joseph Kennedy announced today that he is leaving the music-streaming company after nearly 10 years at the helm.

He didn't say why he was stepping down, only that "the time is right."

"As part of our board discussions of the road that lies ahead, I reached the conclusion and advised the board that the time is right to begin a process to identify my successor," he said in a press release. "There is a tremendous market opportunity ahead and I look forward to continuing to work with all the great people at Pandora to keep driving the business forward."

Kennedy, who has been CEO since 2004, will continue to lead the company of 700 until the board finds a replacement. The company's board of directors will hold a national search to look for candidates to fill Kennedy's role.

The company posted his statement shortly after releasing its earnings report. Pandora experienced fourth-quarter revenue gains from advertising revenue, coupled with $14.6 million in losses. Pandora has more than 67 million active listeners.