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Media
Sirius XM CEO to step down next year
By CMU Editorial | Published on Wednesday 24 October 2012
The boss of US satellite radio network Sirius XM, Mel Karmazin, has announced he will leave the company next February. He will step down from both the top job and the satellite broadcaster’s board.
It’s thought Karmazin’s departure has likely been motivated by expectations that American media group Liberty, which already owns 49.5% of Sirius XM, will push for and ultimately get complete ownership of the company, and would then want to put its own management team in place. As previously reported, Liberty also owns a fifth of live music major Live Nation, and is thought to be interested in ultimately taking complete ownership of that company too.
Confirming his departure from Sirius XM, which was created by the merger of rival satellite radio broadcasters Sirius and XM in 2008, Karmazin paid tribute to the company, saying in a statement: “Sirius XM is an extraordinary company with an incredible team. I am incredibly proud of what we have accomplished. Given where we started, it is amazing that Sirius XM has grown to become the largest radio company in the world”.
Meanwhile the boss of Liberty Media, John Malone, told reporters: “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”.
Recruitment is now underway for a new Sirius XM CEO.
