Sirius XM Chairman Gary Parsons Steps Down

KTMCDO

Member
Oct 15, 2008
582
16
18
ALBUQUERQUE NM
Sirius XM Chairman Gary Parsons Steps Down

November 12, 2009

Sirius XM Radio announced that Gary Parsons has resigned as a Director and Chairman of the company’s Board of Directors. The Board has appointed Eddy W. Hartenstein, an independent director, to serve as non-executive Chairman. Parsons was founder of XM Satellite Radio and was the Chairman of XM Satellite Radio, prior to the merger of SIRIUS and XM. Hartenstein is Publisher of the Los Angeles Times and will remain in that position.

"I could not be more proud of everything that has been accomplished in satellite radio," said Parsons. "It has been a true honor to serve the stockholders of these companies since founding through delivery of an unparallel service to millions of loyal and devoted subscribers. While it has been a privilege to serve Sirius XM as Chairman and to have guided the company successfully through the merger of Sirius and XM, I believe now is the right time to step aside. As Sirius XM, we have achieved significant synergies while bringing together two incredibly talented teams and unique service offerings. Moreover, despite the challenging economic environment, we have begun to generate positive cash flow and have substantially improved our financial condition. While challenges remain, I’m confident that under the direction of Mel Karmazin and with the assistance of Eddy Hartenstein, Sirius XM will continue to grow and flourish."

Hartenstein said, "It is a great honor to have been appointed to the position of Chairman by my fellow Directors. For several years I have worked closely with the Board, Mel and the rest of the management team and I look forward to assisting the company in this role. Gary leaves big shoes to fill. His understanding of our industry and our technology is impressive, as is his vision for what this exciting service can offer our subscribers. Sirius XM is an extraordinary company that is well positioned for success as it maintains and builds on its strong position in the months and years ahead."

Sirius XM CEO Karmazin added, "As Chairman of the Board, Gary has very effectively steered our company in the right direction, through our merger and beyond. He is a true pioneer; he believed in the promise of satellite radio before there were subscribers, programming or even satellites. I want to thank Gary for his vision, expertise and tireless commitment to Sirius XM. We greatly appreciate his many contributions and wish him all the best in all his future endeavors. I am also looking forward to working closely with Eddy in his new role. As an independent director, he will bring an important new perspective to the Chairmanship; a perspective that our stockholders will benefit from."

In other Siirus XM news, Liberty Media CEO Greg Maffei said today that the media company expects to spin out its stake in the satcaster. Liberty Media notably bought a 40 stake of Sirius XM earlier this year. Reuters reports that Maffei said that "it will be logical to spin out the stake at some stage." Maffei called their deal with the satcaster one of Liberty's best investments yet. Liberty Media paid $530 million in loans with a high 15 percent interest rate in exchange for preferred stock convertible into a 40 percent stake in the company. According to Reuters, Liberty's stake in Sirius XM is now worth over $1 billion.

SOURCE FMQB
 

Kryptonite

Well-Known Member
Oct 21, 2008
9,919
1,360
113
Who was that XM boss that stepped down 2-3 years ago? -- Edit: I think i'm thinking of Hugh Panero.

Interestingly enough, yesterday was the one-year anniversary of the channels merging. (And still nothing in regards to better organizing the lineup across both platforms.)
 
Last edited:

IdRatherBeSkiing

Sherbet is NOT and NEVER WILL BE ice cream.
Oct 11, 2008
21,588
9,255
168
Toronto, ON
I believe that Chairman of the Board is a figure head title and the real power is with the CEO. He was the token XM board representative. Now he has served his purpose and can move along.
 

flap_jackson

Well-Known Member
Nov 10, 2008
1,706
53
48
I'm perfectly happy with the channel lineup, but the company's made no progress really even with the huge merger.

Therefore, this is probably a good move. Hopefully, the next guy actually grows the company.
 

v1ru5

Well-Known Member
Oct 24, 2008
1,690
67
48
Harrisburg PA.
I'm perfectly happy with the channel lineup, but the company's made no progress really even with the huge merger.

Therefore, this is probably a good move. Hopefully, the next guy actually grows the company.
They fixed something that wasn't broken. XM was doing fine pre merger.
 

Jon

Well-Known Member
Dec 16, 2008
13,932
4,406
168
46
Colorado
They fixed something that wasn't broken. XM was doing fine pre merger.

Pour that man a drink. The soul was sucked out of XM when the likes of Eric Logan and Lee Abrams left. This is just completing the process. Honestly, I didn't know he was still around.
 

TX WJ

Intelligent Donkey
Oct 15, 2008
4,828
87
48
57
Chucktown
Perhaps he should be worried about his day job since the newspaper industry is going down the drain.