Dominic Paschel has announced he’s leaving Pandora as VP of corporate finance & investor relations. During seven years with the company, Paschel has watched the streamer grow from a private company with $130 million in revenue and 30 million monthly users to a publicly-traded billion dollar business, with 75 million monthly users.
His announced exit, which won’t take place until early 2018, comes less than a week after SiriusXM Radio closed on its $480 million investment in Pandora and SiriusXM chairman and Liberty Media CEO Greg Maffei became Pandora chairman and joined its board of directors, along with SiriusXM CEO Jim Meyer and senior VP/chief financial officer David Frear.
“After seven years, I have decided the time has come for me to take a needed break, and when the time is right, start on a new journey,” Paschel said in an email on Thursday. “While it's true I've decided to turn in my backstage pass, I'm leaving with confidence that the strategic investment from Sirius, new board members and executive leadership will help Pandora successfully chart the course ahead.”
Paschel led Pandora's $241 million IPO in June 2011. He has been part of the company’s management team as it navigated the Web IV proceedings under the Copyright Royalty Board and negotiated direct licensing deals with Universal, Sony and Warner. Paschel was involved in Pandora’s acquisitions of Next Big Sound, Ticketfly and Rdio and worked with five CEOs, three CFOs, two CPOs and two CMOs. Palmira Farrow continues as director, Investor Relations and Conrad Grodd as manager, Investor Relations while the company looks for Paschel’s replacement.