Karmazin has been Sirius XM's CEO since 2004. There has been
speculation Karmazin would leave the company after an expected takeover by
Liberty Media Corp., which is seeking a controlling interest in the satellite
radio provider.
Liberty has amassed a 47.3 per cent stake in Sirius XM, and
the Federal Communications Commission is currently considering Liberty's
proposal to take control of the company.
"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.
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