SiriusXM Radio CEO Mel Karmazin to Exit in February

RADIO ONLINE | Tuesday, October 23, 2012 | 3:45pm CT

SiriusXM Radio CEO Mel Karmazin has informed the satcaster's board of directors that he will be leaving the company on February 1, 2013, following the expiration of his current deal and a transition period. Karmazin will also leave the board of directors, which has formed a search committee, chaired by Greg Maffei, to consider both internal and external candidates for the company's next CEO.

"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," said Karmazin. "With a deep bench of corporate talent, a roster that includes the most in-demand on-air personalities and a wide-range of exclusive programming, SiriusXM has never been better positioned than it is today."

"On behalf of the Board of Directors, I want to thank Mel for his significant contributions to the company," added Board Chairman Eddy Hartenstein. "Under his leadership, the Company underwent a transformative merger and a financial restructuring that has enabled SiriusXM to deliver significant value for shareholders. Our record breaking financial results are a testament to Mel's leadership and strategic planning."

"We appreciate the tremendous job Mel has done for the company in overseeing the merger and delivering outstanding operating performance. While we understand, we regret Mel's decision to pursue other interests and are grateful for his willingness to oversee a smooth and orderly transition," said Liberty Media Chairman John Malone.