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Karmazin To Stay At Sirius XM Through 2012

7/01/2009 03:58:06 PM Eastern

New York - Sirius XM has extended CEO Mel Karmazin's contract through the end of 2012 and gave him a pay raise.

In a filing with Securities Exchange Commission Wednesday, Sirius XM said it upped Karmazin's base salary to $1.5 million per year, from $1.2 million. It also provided the executive an option to purchase 120,000,000 shares of common stock at 43 cents per share.

Karmazin joined Sirius as CEO in December 2004, succeeding Joe Clayton who now sits on the board of EchoStar.   Prior to Sirius, Karmazin was the long-time president/CEO of Viacom.  Karmazin became CEO of Sirius XM when Sirius merged with XM Satellite Radio last year.

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