Sirius XM Shows iPhone App to Shareholders

Votes to increase shares, opposes proposal to ride herd on executive pay
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Sirius XM intends to bring its service to the iPhone and iPod Touch soon and gave shareholders a peek at what that may look like.

The company showed a photo of the new Sirius iPhone app in a presentation by CEO Mel Karmazin prepared for the annual stockholders meeting held this week and filed with the Securities and Exchange Commission.

The company indicated the iPhone/iPod Touch app would be joined by other smart phone applications. Judging from the screenshot, the app allows users to browse stations by genre or category, designate favorite stations or purchase songs through iTunes.

At the meeting, stockholders of Sirius XM approved an increase in shares of common stock from 8 billion to 9 billion. But it also gave permission to the board to, at some point in the future, effect a reverse stock split of common stock, which would reduce the total number of shares.

They defeated a proposal to give stockholders an advisory vote on executives' pay packages. "Save Sirius" founder and Sirius stockholder Michael Hartleib made the non-binding proposal: "Investors are increasingly concerned about mushrooming executive compensation, which sometimes appears to be insufficiently aligned with the creation of shareholder value," he stated on the Save Sirius Web site.

The shareholders elected 12 members to the board: CEO Mel Karmazin, Joan Amble, Leon Black, Lawrence Gilberti, Eddy Hartenstein, James Holden, Chester Huber Jr., John Mendel, James Mooney, Gary Parsons, Jack Shaw and Jeffrey Zients. An affiliate of Liberty Media Corp., the holder of Sirius XM's convertible perpetual preferred stock, had previously appointed David Flowers, Gregory Maffei and John Malone as members of the board.


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