SiriusXM Radio CEO to Exit Post

Mel Karmazin

SiriusXM Radio’s CEO, Mel Karmazin, has announced he will be leaving the satellite radio service and its Board effective February 1, 2013, according to reports.

In a statement, Karmazin said:

“SiriusXM is an extraordinary company with an incredible team. It is an honor to come to work here every day where we truly deliver the best radio on radio. I am incredibly proud of what we have accomplished. Given where we started, it is amazing that SiriusXM has grown to become the largest radio company in the world. We continue to grow our subscriber base to record levels and our financial position has never been stronger. SiriusXM has a strong foundation to build on for the future and there is a great team in place to keep the company moving forward. I am confident that SiriusXM’s best years are ahead.”

Last month, Karmazin told conferees at the Bank of America Merrill Lynch Media, Communications & Entertainment: “My instincts today are that Liberty does not need me. I have historically been expensive, and, you know, it’s very clear to me that if I were Liberty, I would sit there and say, ‘I’m not sure we need Mel.’ And that’s OK with Mel,” referring to himself in the third person.

Karmazin’s move comes as Liberty Media seeks a majority stake in the satellite radio service operator. Currently, Liberty holds 49.5% stake in Sirius XM.

Board member Greg Maffei will chair a search committee, formed by the SiriusXM Board of Directors seeking the company’s next CEO. Considerations will be made both internally and externally.