Sirius XM CEO Karmazin to Step Down

Sirius XM chief executive Mel Karmazin will step down early next year, the company announced Tuesday. Karmazin will depart upon the expiration of his contract; a search committee for his successor has been formed.

Karmazin joined predecessor Sirius Satellite Radio in 2004, and shepherded both the hiring of Howard Stern and the merger with XM.

“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,” Karmazin said in a statement released by Sirius.

“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.”

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