SIRIUS XM Radio Inc. (SIRI), said Friday that Gary Parsons, Chairman of the Board of Directors and founder of XM Satellite Radio, has resigned. Parsons had earlier served as Chairman of XM Satellite Radio prior to the merger of SIRIUS and XM. SIRIUS XM Radio named Eddy Hartenstein, an independent director, as the Non-Executive Chairman of the Board.
Parson said, "While it has been a privilege to serve SIRIUS XM as Chairman and to have guided the company successfully through the merger of SIRIUS and XM, I believe now is the right time to step aside."
"While challenges remain, I'm confident that under the direction of Mel Karmazin and with the assistance of Eddy Hartenstein, SIRIUS XM will continue to grow and flourish.." Parson added.
Post merger with XM radio in July 2008, Publisher and Chief Executive of the Los Angeles Times, Hartenstein has been a director of SIRIUS XM and from May 2005 until the merger he had served as a director of XM Radio.
Prior to joining XM radio, Hartenstein has served as Chairman and CEO of The DIRECTV Group, Inc from late 2001 to 2004 and as he was President of Directv from its inception in 1990 to 2001. He later served Directv as its Vice Chairman and a member of the board from December 2003 until his retirement in December 2004.
Commenting on the appointment of Hartenstein, Mel Karmazin, Chief Executive Officer said, "As an independent director, he will bring an important new perspective to the Chairmanship; a perspective that our stockholders will benefit from."
New York-based satellite-radio service provider Sirius XM also indicated that it was in compliance with Nasdaq's independent director requirements for continued listing, following the resignation of Parson.
Friday, SIRI closed its regular trading session at $0.662, up $0.03 or 4.68% on a volume of 46.93 million shares on Nasdaq.
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