The Chief Executive Officer of SiriusXM Radio, Mel Karmazin, is stepping down. Karmazin told the board of directors that he will be leaving on 1 February 2013, following the expiration of his current employment agreement and a month’s transition period. According to a company statement, he is leaving to pursue unspecified other interests.
The SiriusXM board of directors has formed a search committee to find a replacement.
Speaking of Karmazin’s time with SiriusXM, board of directors Chairman Eddy Hartenstein commented: “Under his leadership, the company underwent a transformative merger [with XM Satellite Radio] and a financial restructuring that has enabled SiriusXM to deliver significant value for shareholders. 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.”
Karmazin took on the leadership role at Sirius in 2004 and later oversaw the company’s merger with XM Satellite Radio. His departure comes as the company’s largest shareholder, Liberty Media, steps up its holding. It currently owns just short of 50% and has been increasing its stake steadily. Liberty Media has informed the Federal Communications Commission of its intention to take over control of SiriusXM. It is currently awaiting approval for the move.
