Gary Parsons Exits Sirius XM as Board Chairman

RADIO ONLINE | , , | :am CT

In an 8-K filing with the SEC, Sirius XM Radio revealed the departure of board chairman Gary Parsons. He had served as Chairman of XM Satellite Radio from 1997-2008 and Chairman of Sirius XM since the merger. The company's board of directors has elected Eddy W. Hartenstein, an existing independent director, to become the new Chairman.

"I could not be more proud of everything that has been accomplished in satellite radio," commented Parsons. "It has been a true honor to serve the stockholders of these companies since founding through delivery of an unparalleled service to millions of loyal and devoted subscribers. 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."

He continued, "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."

CEO Mel Karmazin added, "As chairman of the board, Gary has very effectively steered our company in the right direction, through our merger and beyond. He is a true pioneer. He believed in the promise of satellite radio before there were subscribers, programming, or even satellites. I want to thank Gary for his vision, expertise, and tireless commitment to Sirius XM."

Regarding Hartenstein Karmazin said, "I am also looking forward to working closely with Eddy in his new role. As an independent director, he will bring an important new perspective to the chairmanship, a perspective that our stockholders will benefit from."