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Sirius, XM Expands Board; Clayton Resigns

Sirius XM Combines Board.

Sirius XM Radio told the Securities and Exchange Commission that with its merger, it has expanded its board from eight to 12 and some members either have left or plan to leave.

Sirius Chairman Joe Clayton has resigned from the board, as have Warren Lieberfarb and Michael McGuinness. Former XM CEO Nate Davis intends to resign following a transition period, the company said in an SEC filing. When he does, he’s set to receive a severance package worth about $10.4 million.

Former XM Chairman Gary Parsons is now chairman of the new Sirius XM board. Seven members of the XM board elected to the expanded Sirius XM board are: Parsons, Joan Amble, Eddy Hartenstein, Chet Huber, John Mendel, Jack Shaw and Jeff Zients.

Sirius board members remaining on the board of the new company are: Karmazin, Leon Black, Lawrence Gilberti, James Holden and James Mooney.