XM CEO To Resign
XM Satellite Radio announced Tuesday afternoon that Hugh Panero, a cofounder of the company and its CEO since 1998, will depart his position in August. President and chief operating officer Nate Davis will replace Panero on an interim basis, according to a company statement; no reason was given for Panero’s departure.
When XM’s merger with Sirius Satellite Radio was announced earlier this year, it was stated that Sirius’ Mel Karmazin would be CEO of the combined company, while XM chairman Gary Parson would be chairman.
XM will discuss the change during its quarterly conference call, scheduled for 10 AM EDT on Thursday.