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XM Loses Board Member; Warned by Nasdaq

XM Loses Board Member; Warned by Nasdaq

XM Satellite Radio has lost another board member.
George Haywood has resigned as a member of XM’s board, effective Oct. 3. In the letter included with XM’s SEC filing, Haywood said he was stepping down for personal reasons. “I take pride in the growth and accomplishments of the company and I continue to fully support the current direction of the company and the company’s management.”
XM Chairman Gary Parsons said “On behalf of XM’s Board of Directors, I’d like to thank George for his contributions to XM over the last few years,” said Parsons. “It’s been a true pleasure to work with someone as talented as George and we wish him well in his future endeavors.”
With Haywood’s resignation, the Nasdaq Stock Market has notified the company that its board composition is not in compliance with Nasdaq rules which requires that a majority of the board of directors of a company must be comprised of independent directors.
XM expects to have a board composed of a majority of independent directors no later than its next annual meeting.
In February, Pierce Roberts left XM’s board over concerns about the company’s spending levels.