In what is not really a surprise to anyone following the story, SiriusXM President and CEO Mel Karmazin will be leaving the company when his current contract ends, Feb. 1, 2013. The announcement said that a search for a new leader has already been started by the board of directors.
As soon-to-be-majority SiriusXM shareholder Liberty Media Corp. increased its holdings and began to lay out possible plans for the satellite broadcaster over the last year, speculation had been rife on whether Karmazin would or would not remain at the company.
There were questions as to the relationship between the high-profile Karmazin and the even higher profile Liberty head John Malone.
Chairman of the Board of Directors of SiriusXM Eddy Hartenstein said, “Under his leadership, the company underwent a transformative merger and a financial restructuring that has enabled SiriusXM to deliver significant value for shareholders.”
Malone said, “We appreciate the tremendous job Mel has done for the company in overseeing the merger and delivering outstanding operating performance. While we understand, we regret Mel’s decision to pursue other interests and are grateful for his willingness to oversee a smooth and orderly transition.”