By Demian Russian
Sirius XM Radio Inc. (NASDAQ:SIRI) announces a new interim CEO this morning. The company’s President of Sales and Operations, James E. Meyer, has been appointed Sirius XM’s new interim Chief Executive Officer, effective immediately. Meyer will also joins Sirius XM’s Board of Directors. Sirius XM’s longtime CEO Mel Karmazin, who had previously indicated that he would not be renewing his employment contract which expires at the end of the year, but also that he would remain as Sirius XM’s CEO during a one month transition period and step down as CEO on February 1st, 2013, with this announcement relinquished his role as Sirius XM’s CEO and resigned from the company’s Board of Directors in tandem.
“I’m honored to lead SiriusXM during this important time for our Company. SiriusXM is a great business and I look forward to working with our talented management team to continue to deliver the best content and service to our subscribers, while enhancing value to our shareholders.”
– James E. Meyer, CEO, Sirius XM Radio
James Meyer has served as Sirius XM Radio’s President of Sales and Operations since May 2004. Previously, as President of Aegis Ventures, a general management consulting company, Meyer provided consultant support for Sirius XM Radio. Meyer has also held a number of senior management positions in consumer electronics, including a position as Senior Executive Vice President at Digital Media Solutions for Thomson, a worldwide leader in consumer electronics.
“We are fortunate to have a very strong executive team in place at SiriusXM and in Jim we have a highly qualified leader and operator. Jim has been an integral part of SiriusXM for eight years and his extensive knowledge of SiriusXM’s business and significant industry experience are a great asset. Given Jim’s current position, we expect this will be a seamless transition. Thanks to Mel Karmazin’s leadership, strategic vision and operating focus, SiriusXM is poised for a continuation of the results and performance investors have come to expect.”
– Eddy Hartenstein, Chairman of the Board of Directors of SiriusXM
Sirius XM reiterated this morning that its Board of Directors has formed a search committee, chaired by Liberty Media CEO Greg Maffei, including board members James Mooney and Eddy Hartenstein, to consider both internal and external candidates for Sirius XM Radio’s CEO position, which includes Jim Meyer.
Disclosure: Long SIRI
Contact the author: DemianRussian@SatelliteRadioPlayground.com