Karmazin To Leave Sirius XM
Sirius XM CEO Mel Karmazin will leave the satcaster on February 1, 2013, after the end of his current employment agreement and a transition period. He'll also leave the company's board of directors at that time.
Karmazin said, "Sirius XM is an extraordinary company with an incredible team. It is an honor to come to work here every day where we truly deliver the best radio on radio. I am incredibly proud of what we have accomplished. Given where we started, it is amazing that SiriusXM has grown to become the largest radio company in the world."
There had been widespread speculation as to whether Karmazin would remain at Sirius XM after Liberty Media completes its planned takeover, and in September Liberty CEO Greg Maffei reportedly said he didn't consider Karmazin irreplaceable.
Sirius XM Chairman Eddy Harteinstein thanked Karmazin for his "significant contributions to the company," noting that Karmazin led the company through the "transformative merger" of Sirius and XM and "a financial restructuring that has enabled SiriusXM to deliver significant value for shareholders." It was that restructuring that put Liberty in a position to move to take over the company.
Hartenstein continued, "Our record-breaking financial results are a testament to Mel's leadership and strategic planning, and we continue to exceed our expectations with all-time high subscriber numbers. Thanks to Mel, we are well-positioned for long-term growth and value creation."
Liberty Chairman John Malone said, "We appreciate the tremendous job Mel has done for the company in overseeing the merger and delivering outstanding operating performance. While we understand, we regret Mel's decision to pursue other interests and are grateful for his willingness to oversee a smooth and orderly transition."
The Sirius XM board of directors has formed a search committee, chaired by Maffei, to find the company's next CEO.
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