OAKLAND (CBS/AP) — Pandora, which is facing increasing competition from Apple Music, Spotify and other music streaming services, says it named co-founder Tim Westergren as CEO.

Westergren is replacing Brian McAndrews, who is leaving the company, Pandora said. McAndrews has been CEO for less than three years.

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Shares of Oakland-based Pandora Media Inc. fell about 9 percent to $9.94 in morning trading Monday.

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Westergren co-founded the Internet radio company 16 years ago. He previously served as CEO of Pandora from 2002 to 2004.

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