Pandora CEO Joe Kennedy announced he will be stepping down from his post, following the popular digital music service's latest quarterly losses. Kennedy said he will remain with the company until his successor can be found. In a statement, Kennedy said, "As I near the start of my tenth year at the helm of Pandora, I am incredibly proud of the team and what we have accomplished in redefining radio. As part of our Board discussions of the road that lies ahead, I reached the conclusion and advised the Board that the time is right to begin a process to identify my successor. There is a tremendous market opportunity ahead and I look forward to continuing to work with all the great people at Pandora to keep driving the business forward."

"Over the last nine years I have enjoyed an extraordinary partnership with Joe, working with him to grow the company and build an exceptional team," said Tim Westergren, Pandora Founder and Chief Strategy Officer. "I look forward to continuing to work with Joe to achieve our goals for 2013 and to help assure a smooth leadership transition."

In Q4, Pandora saw its net loss widen to $14.5 million, up from $8.2 million a year ago. For the company's full fiscal year, it took a $38.1 million net loss, more than twice its net loss for the previous fiscal year. Despite the increase in losses, Pandora's revenue had an impressive 54 percent increase in the quarter, from $81 million to $125 million. Mobile revenue more than doubled in Q4 as well, to $80.3 million. For the full fiscal year, revenue for Pandora was up 56 percent to $427.1 million, while mobile revenue for the entire year was up to $255.9 million.

Pandora also said that its number of active listeners rose 37 percent to 67.7 million at the end of February 2013, compared to February 2012. Listening hours jumped 42 percent to 1.38 billion.

Following Kennedy's announcement and the company's fiscal report, Pandora stocks jumped by 20 percent on Wall Street.