New York
– The founder of XM Satellite Radio, Gary Parsons, has resigned as director and
chairman of the board of Sirius XM Radio.
He will be replaced by Eddy Hartenstein, who will serve as
non-executive chairman.
Hartenstein, currently the publisher and CEO of the Los Angeles
Times, was chairman and CEO of DirecTV from late 2001 to 2004 and was president
of DirecTV from its inception in 1990 until 2001. Hartenstein has also been a director of
Sirius XM since July 2008 and was a director of XM Satellite Radio from May
2005.
Parsons said, “While it has been a privilege to serve Sirius XM
as chairman and to have guided the company successfully through the merger of
Sirius and XM, I believe now is the right time to step aside … While challenges
remain, I’m confident that under the direction of Mel Karmazin and with the
assistance of Eddy Hartenstein, Sirius XM will continue to grow and
flourish.”
Sirius XM said that as a result of Parsons’ resignation, the company
is in compliance with Nasdaq’s independent director requirements for continued
listing.
