Pandora Media, leading internet radio service, said on Thursday that Joseph Kennedy is stepping down from the post of its Chief Executive Company.

“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,” Mr. Kennedy said in a statement. Mr. Kennedy has been working as the chairman and CEO of the company since July 2004. He is expected to continue of his top job until a successor is found to lead the company.

Pandora Media does not sell downloads but allow users to access their music for several devices. The company is facing difficulties in sell ads on mobile devices and every time a user plays a song, the company has to pay royalties to the content owners. It announced recently that it would limit free listening to 40 hours per month for the users to control costs.

The company said that its total listener hours increased 53 percent to 4.05 billion hours. However, it recorded a loss of $14.6 million or 9 cents per share during the three moths till January compared to a loss of $8.2 million or 5 cents per share recorded in the same period of the previous year.

The loss is lower than estimated by the analysts and the company also managed to generate higher than expected revenues. Revenue grew 54 percent to $125.1 million compared to $122.8 million predicted by analysts. The company’s revenue from mobile devices grew 111 percent to $80.3 million while growth in mobile listening grew 70 per cent.