CEO Mel Karmazin to Step Down from SiriusXM

UCJOE

I have a lot of business with the Chinese
Mar 7, 2009
12,813
838
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#1
CEO Mel Karmazin to Step Down from SiriusXM




NEW YORK, Oct. 23, 2012 /PRNewswire/ -- SiriusXM Radio (NASDAQ: SIRI) today announced that Mel Karmazin informed its Board of Directors that he will be leaving the Company on February 1, 2013, following the expiration of his current employment agreement and after a transition period. Mr. Karmazin will also leave the Board of Directors at that time.
"SiriusXM 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. With a deep bench of corporate talent, a roster that includes the most in-demand on-air personalities and a wide-range of exclusive programming, SiriusXM has never been better positioned than it is today. We continue to grow our subscriber base to record levels and our financial position has never been stronger. Importantly, the commitment to delivering innovative new products and technologies is very strong. SiriusXM has a strong foundation to build on for the future and there is a great team in place to keep the company moving forward. I am confident that SiriusXM's best years are ahead," said Karmazin.
"On behalf of the Board of Directors, I want to thank Mel for his significant contributions to the Company," said Eddy Hartenstein, Chairman of the Board of Directors of SiriusXM. "Under his leadership, the Company underwent a transformative merger 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. We will miss Mel — and the Board wishes him the very best in his future endeavors — SiriusXM has a strong executive team in place and we are very confident in our business and our future prospects."
"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," said John Malone, Chairman of Liberty Media Corporation.
The SiriusXM Board of Directors has formed a search committee, chaired by Greg Maffei and including James Mooney and Eddy Hartenstein, to consider both internal and external candidates for the Company's next Chief Executive Officer.
 

UCJOE

I have a lot of business with the Chinese
Mar 7, 2009
12,813
838
293
NJ
#4
Howard mention on Monday he has an out after 3 years & might take it
This could be a 2 for 1 for O&A
 

BIV

I'm Biv Dick Black, the Over Poster.
Apr 22, 2002
79,197
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#11
Best news for the company in years.
 

JoeyDVDZ

That's MR. MOJO, Motherfucker!
Aug 20, 2004
29,662
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#13
You KNOW Howie's next contract isn't gonna be some sweetheart deal like with Mel.
 

Ballbuster1

In The Danger Zone...
Wackbag Staff
Aug 26, 2002
103,733
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#14
Mel finished selling off his 90 million shares so he's
ready to bolt and let Liberty take over.

This has been building for a long time.
Best part is his sell off made it easier for Liberty to
get the shares it needs to be majority owners.
 

Don the Radio Guy

G-Bb-A-D
Donator
Mar 30, 2006
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#15
Should be interesting. I have a feeling things are going to get worse before they get better.
 

UCJOE

I have a lot of business with the Chinese
Mar 7, 2009
12,813
838
293
NJ
#16
You KNOW Howie's next contract isn't gonna be some sweetheart deal like with Mel.
Mel wasn't part of his first deal & I doubt there will be a next
I cannot see Howard ever re-signing
 

UCJOE

I have a lot of business with the Chinese
Mar 7, 2009
12,813
838
293
NJ
#18
http://seekingalpha.com/article/931061-mel-karmazin-completes-sirius-xm-stock-sales

As of October 16, Sirius XM (SIRI) CEO Mel Karmazin has completed sales of shares of company stock under his adopted trading plan. Since April, Mel has sold 90 million shares of Sirius XM that he owned through stock option awards that had vested. Mel has 30 million options left to vest by the end of the year, and 8.5 million shares of Sirius XM owned directly. His sales, which can be found here, were completed on Monday and Tuesday, with the final sale of 13.1 million shares.
 

dirty jew

Registered User
Jun 28, 2011
35
0
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#21
Who else would employ O & A at this point?
Mel may not be the greatest, but he kept them employed.
 

Cunt Smasher

Caligula Jr.
Aug 26, 2005
13,585
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#22
Who else would employ O & A at this point?
Mel may not be the greatest, but he kept them employed.
I don't want anyone else to employ them. Anything less than the relative freedom of satellite blows goats. Not the same show, and terrestrial radio has gotten more restrictive as well.
 

Ballbuster1

In The Danger Zone...
Wackbag Staff
Aug 26, 2002
103,733
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#23
I don't want anyone else to employ them. Anything less than the relative freedom of satellite blows goats. Not the same show, and terrestrial radio has gotten more restrictive as well.
The only person that doesn't see it that way is Opie.
So glad Jimmie and Ant are there to keep bringing up
how bad the Free FM debacle was.
 

LiddyRules

I'm Gonna Be The Bestest Pilot In The Whole Galaxy
Jun 1, 2005
143,068
50,486
644
#24
The only person that doesn't see it that way is Opie.
So glad Jimmie and Ant are there to keep bringing up
how bad the Free FM debacle was.
But they made it work!

So what are the odds the new bosses are really into gay rights?