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.
About Sirius XM Radio
Sirius XM Radio Inc. is the world's largest radio broadcaster
measured by revenue and has 22.9 million subscribers.
SiriusXM creates and broadcasts commercial-free music; premier
sports talk and live events; comedy; news; exclusive talk and
entertainment; and the most comprehensive Latin music, sports and
talk programming in radio. SiriusXM is available in vehicles from
every major car company in the U.S., from retailers nationwide, and
online at siriusxm.com. SiriusXM programming is also available
through the SiriusXM Internet Radio App for Android, Apple, and
BlackBerry smartphones and other connected devices. SiriusXM also
holds a minority interest in SiriusXM Canada which has more than 2
million subscribers.
This communication contains "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such statements include, but are not limited to,
statements about future financial and operating results, our plans,
objectives, expectations and intentions with respect to future
operations, products and services; and other statements identified
by words such as "will likely result," "are expected to," "will
continue," "is anticipated," "estimated," "believe," "intend,"
"plan," "projection," "outlook" or words of similar meaning.
Such forward-looking statements are based upon the current beliefs
and expectations of our management and are inherently subject to
significant business, economic and competitive uncertainties and
contingencies, many of which are difficult to predict and generally
beyond our control. Actual results may differ materially from
the results anticipated in these forward-looking statements.
The following factors, among others, could cause actual
results to differ materially from the anticipated results or other
expectations expressed in the forward-looking statements: our
competitive position versus other forms of audio entertainment; our
dependence upon automakers; general economic conditions; failure of
our satellites, which, in most cases, are not insured; our ability
to attract and retain subscribers at a profitable level; royalties
we pay for music rights; the unfavorable outcome of pending or
future litigation; failure of third parties to perform; and our
substantial indebtedness. Additional factors that could cause
our results to differ materially from those described in the
forward-looking statements can be found in our Annual Report on
Form 10-K for the year ended December 31,
2011, which is filed with the Securities and Exchange
Commission (the "SEC") and available at the SEC's Internet site
(http://www.sec.gov). The information set forth
herein speaks only as of the date hereof, and we disclaim any
intention or obligation to update any forward looking statements as
a result of developments occurring after the date of this
communication.
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Facebook.
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SOURCE Sirius XM Radio