- Associated Press - Wednesday, December 19, 2012

NEW YORK (AP) - Satellite radio company Sirius XM Radio named one of its executives, James Meyer, as its interim CEO while it looks for a replacement for Mel Karmazin.

The New York company, which Liberty Media Corp. is seeking to take over, said Wednesday that its search committee is looking at candidates from within the company, including Meyer, as well as outside the company to fill the CEO post on a permanent basis. Liberty CEO Greg Maffei is leading Sirius‘ CEO search committee.

The 58-year-old Meyer, president of sales and operations, is also joining the board.

Karmazin had been CEO since 2004, overseeing the 2008 merger between Sirius and its rival, XM Satellite Radio and then leading the combined company. Sirius XM Radio Inc. announced in October that he planned to step down as CEO and a board member. There had long been speculation the 69-year-old Karmazin would leave because of the expected takeover by Liberty Media.

Liberty rescued Sirius XM from bankruptcy in 2009 with $530 million in exchange for a 40-percent equity stake. Liberty has been buying shares for months in its quest for a controlling stake in the company. It has amassed a stake of just under 50 percent, according to its website. The Federal Communications Commission must approve Liberty’s takeover.

Shares of Sirius added a penny to $2.97 in late afternoon trading.

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times is switching its third-party commenting system from Disqus to Spot.IM. You will need to either create an account with Spot.im or if you wish to use your Disqus account look under the Conversation for the link "Have a Disqus Account?". Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide