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Davis (see above) reports to CEO Hugh Panero and his contract is for three years, according to an SEC filing XM filed July 24. While acting as president and COO, Davis will oversee day-to-day operations for the company, a spokesman said.
Davis’ employment contract is similar to Panero’s. Davis will receive a base salary of $500,000 for the first year of the agreement, with increases on the first and second anniversary of the effective date to $550,000 and $600,000, respectively. Davis will receive a one-time signing bonus consisting of $150,000 and 20,000 shares of stock, XM stated in the filing.
Davis is entitled to fly first class, according to the agreement.