SiriusXM Radio Pivots Its Strategy For 2025

Sirius XM Holdings has announced the appointment of Wayne D. Thorsen as Executive Vice President and to the newly created role of Chief Operating Officer.

Thorsen officially began his new duties on December 1 and will oversee SiriusXM’s product and technology functions, as well as aspects of the company’s commercial operations, including business development, automotive, and streaming distribution.

Wayne Thorsen

In his new role, he will report directly to SiriusXM’s Chief Executive Officer, Jennifer Witz. He previously served as Executive Vice President and Chief Business Officer of security company ADT Inc.

“We are pleased to add Wayne to the SiriusXM team at this pivotal time for the company,” said Jennifer Witz, Chief Executive Officer of SiriusXM. “Wayne is a seasoned leader who brings significant experience driving business development and innovation, and he is well-positioned to help guide the company through this next chapter as we sharpen our focus on delivering meaningful results alongside greater efficiency. While at Google, where Wayne led business development for the devices and services division, Wayne was a wonderful partner for SiriusXM, and I look forward to working closely with him to drive SiriusXM forward.”

“As a long-time SiriusXM subscriber myself, I have always admired SiriusXM’s platform and its commitment to providing listeners with unmatched content. It is an honor to join this company as it enters its next phase,” said Thorsen. “This is an important time for SiriusXM, and strong execution will be critical as the company implements its new strategy. I’m excited to work alongside Jennifer and the rest of the SiriusXM leadership team to turn the company’s vision into results-driven, efficient action and capture the opportunities ahead.”

Thorsen’s appointment comes as SiriusXM announces plans to pivot away from streaming to focus on core aspects of its business, including its automotive subscriber segment and exclusive, curated premium content.

Shares of Sirius XM Holdings Inc., the online radio service that’s home to shock jock Howard Stern, fell as much as 9.8% after the company issued a 2025 revenue forecast that fell short of Wall Street estimates and said it will undertake a new cost-cutting drive.

The stock was down 8.7% to $26.25 in New York trading after falling as low as $25.92, the steepest one-day drop since late September. It had retreated 47% this year through Monday.

Reflecting this strategic shift, SiriusXM announced the departure of Joseph Inzerillo from his role as Chief Product and Technology Officer, effective immediately. Inzerillo oversaw the development of SiriusXM’s tech platform and led the launch of the company’s streaming app.

“At SiriusXM, we are focusing on the strengths that set us apart – including our strong core subscriber base, our unique position in vehicles, and our unrivaled, curated content – while taking steps to drive profitability and cash flow as we face marketplace headwinds impacting the company’s growth trajectory,” said Witz. “We have a clear path forward and are confident we can deliver for our stockholders.”