VIDEO: Who is Tim Westergren?

OAKLAND (CBS SF/AP) — The co-founder and CEO of Pandora, under intensifying pressure from Spotify and Apple Music, has relinquished his position and will depart from the company board as well.

READ MORE: UPDATE: 2-Alarm Fire Erupts At San Francisco Residential Hotel; One Resident Injured; Blaze Contained

Westergren, who helped found the company 17 years ago, returned as CEO about 15 months ago with Pandora struggling to match the subscribers heading to rival services. He had also been CEO between 2002 and 2004.

On his return just over a year ago, the company revamped its $5 a month internet radio service, giving listeners the ability to skip and replay more songs. It also launched a new $10 a month on-demand music service which lets users select the songs they want to hear, similar to what Spotify and Apple Music has offered.

But it may have been too little too late. Pandora had 4.7 million paying subscribers at the end of March, while Spotify claims more than 50 million. Pandora makes most of its money from ads, bringing in nearly $1.1 billion in ad revenue last year.

READ MORE: Albany Business District Sees Renewed Signs of Life as COVID Reopening Nears

Chief Financial Officer Naveen Chopra will serve as interim CEO as it looks for a permanent replacement, Pandora said Tuesday. The Oakland-based streaming service also said that Michael Herring has stepped down and that former MySpace and MTV Networks executive Jason Hirschhorn is joining Pandora’s board.

Westergren still holds 1.6 million shares in Pandora, less than 1 percent of total outstanding shares.

Shares of Pandora Media Inc., which are already down 35 percent since the beginning of the year, slipped about 1 percent to $8.40 in morning trading.

MORE NEWS: Pandemic Provided Novato Shop Owner Lessons in Business and Life
TM and © Copyright 2017 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2017 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten. The Associated Press contributed to this report.