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Pandora CEO Tim Westergren reportedly will step down

This time, no encore? Pandora's co-founder and CEO is planning to step down from his second stint at the helm of the music-streaming company, according to a report.

Pandora CEO Tim Westergren at a holiday event
Tim Westergren returned as Pandora's CEO in 2016. 

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 SiriusXM 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.