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Panero To Leave XM

7/24/2007 03:56:00 PM Eastern

Washington — XM Satellite Radio CEO Hugh Panero will leave the company in August, the company announced today.

He will be replaced on a temporary basis by Nate Davis, XM president/ COO, who will serve as president/ interim CEO, said XM.

"Hugh took satellite radio from a concept and turned it into the popular, mass market consumer entertainment product it is today. I thank Hugh personally for his friendship, and professionally, for nearly a decade of industry leadership," said XM chairman, Gary Parsons.

Eddy Hartenstein, XM board member and former chairman/CEO of DirecTV, said, "Hugh brought to XM the rare combination of vision, operating experience and programming expertise. People used to say that no one would pay for radio, as they once said about television, but Hugh proved them wrong and created a new industry along the way. Speaking for the board of directors, we wish Hugh well in his next big endeavor and thank him for his many contributions to XM and satellite radio."

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