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SiriusXM's Karmazin Tells Forbes: ''I'm Underpaid!''
RADIO ONLINE | Wednesday, April 4, 2012 | 2:07pm CT
; SiriusXM CEO Mel Karmazin granted a rare interview to Jeff Bercovici of Forbes magazine and had some interesting things to say. Along with calling Sirius the largest radio company in the world, he alsalso told Bercovici, "I think I'm one of the most underpaid executives in the history of executive payment." Just for the recordarmazin has earned more than $37 million since he took the job in November 2004 and may make about $125 million when he exercise stock ¬options. When he took the job the stock price was $9. After dipping to well below a dollar, right now it's a little overa share.
The Forbes article did note the significant growth SiriusXM has realized since Karmazin took over -- namely- namely a jump from 660,000 subscribers to over 22 million. Fewer than one in five new cars came equipped with a satellite radihen; now two out of three do. And when Karmazin started, the company was losing $670 million a year while for 2012 it expects free cash flow of $700 million and is closing in on $1 billion in Ebitda. Also annual revenues have skyrocketed from $67 million to $3 billion. (04-04-12)
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