NEW YORK, NY / ACCESSWIRE / June 28, 2017 / Pandora had quite a few interesting pieces of news yesterday as things continue to get organized after Sirius announced a $480 million investment into the company. Not only has Pandora's CEO, President, and CMO stepped down, but the streaming radio company will also stop operations in Australia and New Zealand. Pandora will now strictly operate in the U.S. While Pandora's President stepped down, Under Armour instead appointed a new one yesterday. Shoe executive Patrik Frisk is the company's new leader and investors are eager to see if he can help the company improve in footwear sales
RDI Initiates Coverage on:
Under Armour, Inc.
Pandora Media, Inc.
Under Armour, Inc.'s shares closed up 0.97% on Tuesday after the company announced a new President and COO. The company announced yesterday that its new president and COO would be shoe company executive Patrik Frisk. According to The Wall Street Journal, this move comes as the company tries to improve its footwear sales. Frisk was the CEO of footwear company Aldo. According to The Journal, Under Armour has been seeing a decrease in demand for performance gear and also has been seeing fewer visitors at its retail stores. Frisk will be responsible for coming up with a new growth plan for the company. The company has named Paul Flipps as its new Chief Technology Officer and Colin Browne as Chief Supply Officer.
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Pandora Media, Inc.'s shares closed up a modest 0.30% on Tuesday as it looks like the Pandora shake up has begun. The company's co-founder and leader Tim Westergren is stepping down along with the company's President Mike Herring and Chief Marketing Officer Nick Bartle. Sirius XM announced earlier this month that it would be investing a staggering $480 million into Pandora in exchange for 19% of its stake as well as three board seats. This also includes chairmanship. In Westergren's place will be CFO Naveen Chopra as interim CEO until the board finds a new CEO. Pandora also told Billboard yesterday that it would end its operations in both Australia and New Zealand. These were the only two international countries Pandora operated in and now will be strictly for the U.S. A Pandora spokesperson told Billboard, "While our experience in these markets reinforces the broader global opportunity long-term, in the short-term we must remain laser-focused on the expansion of our core business in the United States."
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Our Actionable Research on Under Armour, Inc. (NYSE: UAA) and Pandora Media, Inc. (NYSE: P) can be downloaded free of charge at Research Driven Investing
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