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XM CEO Stepping Down
XM Satellite Radio President and CEO Hugh Panero is departing the company next month. Panero's departure from the company comes a little earlier than expected; when the proposed deal was announced back in February, the companies said Panero would stay on until the deal closed. Instead, current XM President & COO Nate Davis will take over as Interim CEO. It was Panero who recruited Davis to his current post last July. Davis has been an XM board member since 1999.
Should the pending merger secure federal approval, current Sirius CEO Mel Karmazin will take over as CEO of the combined company, while current XM Chairman Gary Parsons will remain as Chairman.
On Panero's departure, Parsons said, "Hugh took satellite radio from a concept and turned it into the popular, mass market, consumer entertainment product it is today. I thank Hugh personally for his friendship, and professionally, for nearly a decade of industry leadership."
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