Sirius XM Satellite Radio said Tuesday that it has named Jim Meyer its new CEO, replacing Mel Karmazin.
SiriusXM announced Wednesday that it has named James E. Meyer its new interim CEO, replacing the departing Mel Karmazin.
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.
At the Liberty Media Corporation 2011 investor and analyst meeting on November 17th, Sirius XM CEO Mel Karmazin spoke for almost half an hour about the company he runs. Obviously, much of the talk was focused on the well-developed OEM channel that Sirius dominates and where nearly two out of every three new cars sold in the U.S. comes with a Sirius satellite radio installed in the dashboard. Part of that talk also focused on the future and where there were potential opportunities for diversification and expansion outside the OEM channel.
Sirius XM Radio and Liberty Media closed the second part of their recently completed deal on Friday, with Liberty completing its $530 million cash infusion in the company.
Fresh off the approval of its merger, Sirius XM Radio is facing another big challenge: an extraordinarily large debt.