Pandora Media Inc. (NYSE: P) saw its shares rising handily into the long weekend following the appointment of a new director on its board. The company announced that it is expanding the size of Pandora’s board from nine seats to 10 with the addition of Anthony J. “Tony” Vinciquerra.
Vinciquerra will join the board as a Class III Director and will be included in Pandora’s proxy statement for election at the 2017 Annual Meeting of Stockholders. Vinciquerra is considered a technology, media and telecom expert with over 30 years of industry experience.
Specifically, Vinciquerra has three decades of experience in the media industry, which includes advising and growing Fortune 100 media and technology companies. Since 2011, he has been a senior advisor to Texas Pacific Group in the technology, media and telecom sectors.
He has extensive public company board experience, serving as a director of Qualcomm since July 2015. Previously, Vinciquerra served as a director of DirecTV from September 2013 until its sale to AT&T in July 2015, Motorola Mobility Holdings from January 2011 to May 2012, and Motorola from July 2007 to January 2011.
Prior to Texas Pacific Group, Vinciquerra was chairman and CEO of Fox Networks Group. Earlier in his career, he held various management positions in the broadcasting and media industry.
Brian McAndrews, CEO and chairman of Pandora, commented:
We’re delighted to welcome Tony to our Board. His extensive experience and insights will greatly benefit Pandora. Tony’s addition will help guide Pandora as we grow the company, expand profitability and deliver value for shareholders.
Peter Gotcher, lead independent director on Pandora’s board, added:
We look forward to having Tony on the Board as we work to realize the value that Pandora holds for our stockholders. As the fourth new independent director added in the past 12 months, Tony’s appointment is emblematic of our continued efforts to bring highly experienced and talented individuals with unique perspectives to the Board.
Shares of Pandora were trading up about 9% at $10.77 on Thursday, with a consensus analyst price target of $13.80 and a 52-week trading range of $7.10 to $22.60.
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