XM CEO HUGH PANERO EXITS Susan Visakowitz – Radio and Records XM Satellite Radio CEO Hugh Panero, one of XM's founders, will be leaving the company in August. Nate Davis, current XM president and COO, has been named interim CEO.
According to XM chairman Gary Parsons, "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."
Eddy Hartenstein, XM board member and former chairman and CEO of DirecTV said, "Hugh brought to XM the rare combination of vision, operating experience and programming expertise. People used to say that no one would pay for radio, as they once said about television, but Hugh proved them wrong and created a new industry along the way. Speaking for the board of directors, we wish Hugh well in his next big endeavor and thank him for his many contributions to XM and satellite radio."
Davis has served as XM's president and COO since July 2006 and has been a member of the company's board of directors since October 1999.
In February, XM Satellite Radio and Sirius Satellite Radio announced that the companies had entered into an agreement to combine the companies in a tax-free, all-stock merger of equals. Under the agreement, Mel Karmazin, currently CEO of Sirius, will serve as CEO of the combined company and Gary Parsons, XM chairman, will become chairman of the combined company. The merger is currently pending shareholder and regulatory approval.
XM is scheduled to have its quarterly conference call on Thursday, July 26, at 10:00 a.m. ET to discuss its second quarter financial results among other issues, including the management transition. |