A major management shake-up is underway at streaming music pioneer Pandora as the company announced on Tuesday that CEO Tim Westergren has stepped down from his position effective immediately.

Westergren, who co-founded Pandora as Savage Beast Technologies in 2000, is also vacating his spot on the company's board of directors. Pandora has named CFO Naveen Chopra as its interim CEO as the board begins its search for a permanent replacement.

The streaming music provider also announced that President Mike Herring and CMO Nick Bartle are departing the company. Jason Hirschhorn, meanwhile, has been appointed to fill a vacant spot on Pandora's board.

Westergren said in a statement that Pandora invented a whole new way of enjoying and discovering music and in doing so, forever changed the listening experience for millions. The co-founder added that when he came back as CEO last year, they accomplished far more than anticipated by rebuilding the company's relationship with the music industry, launching a premium on-demand service and attracting a host of tech innovators to their advertising business.

With those accomplishments under its belt and a strengthened balance sheet, Westergren said he believes Pandora is perfectly positioned for its next chapter.

The strengthened balance sheet Westergren is referring to is a result of the 19 percent stake in the company that SiriusXM is purchasing. That deal, valued at $480 million, was announced earlier this month.

Lead image courtesy Michael Edwards