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.