From allaccess.com - In a not altogether surprising move, XM SATELLITE RADIO CEO HUGH PANERO will be leaving the satcaster in AUGUST. PANERO, one of the company's founders, helped turn XM into the largest satellite radio network in the country, serving more than eight million customers. They must really think the merger is going to happen.
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Hugh Panero To Leave XM
- Thread starter deadman
- Start date
Heres the News Release from XM:
Nate Davis, Current XM President & COO, Named Interim CEO
WASHINGTON, July 24 /PRNewswire-FirstCall/ -- XM Satellite Radio
(Nasdaq: XMSR) today announced that XM Satellite Radio Chief Executive
Officer, Hugh Panero will be leaving the company in August. Mr. Panero, one
of XM's founders, helped turn satellite radio into one of the fastest
growing new technologies ever and XM into the largest satellite radio
company serving more than 8 million customers.
(Logo: http://www.newscom.com/cgi-bin/prnh/20070313/XMLOGO )
According to XM Chairman, Gary Parsons, "Hugh took satellite radio from
a concept and turned it into the popular, mass market, consumer
entertainment product it is today. I thank Hugh personally for his
friendship, and professionally, for nearly a decade of industry
leadership."
Eddy Hartenstein, XM Board member and former, Chairman & CEO of DirecTV
said, "Hugh brought to XM the rare combination of vision, operating
experience and programming expertise. People used to say that no one would
pay for radio, as they once said about television, but Hugh proved them
wrong and created a new industry along the way. Speaking for the Board of
Directors, we wish Hugh well in his next big endeavor and thank him for his
many contributions to XM and satellite radio."
Nate Davis, currently XM President & Chief Operating Officer will serve
as President and interim CEO. Hugh Panero recruited Nate Davis to serve as
President & Chief Operating Officer in July 2006. Mr. Davis has served as a
member of the Board of Directors since October 1999.
In February, XM Satellite Radio and Sirius Satellite Radio announced
that the companies had entered into an agreement to combine the companies
in a tax- free, all stock, merger of equals. Under the agreement, Mel
Karmazin, currently CEO of Sirius, will serve as CEO of the combined
company and Gary Parsons, currently Chairman of XM will become Chairman of
the combined company. The merger is currently pending shareholder and
regulatory approval.
The company is scheduled to have its quarterly conference call on
Thursday, July 26th at 10:00 AM ET to discuss its second quarter financial
results among other issues including the management transition.
About Nate Davis: Mr. Davis has served as a member of our Board of
Directors since October 1999 and as President and Chief Operating Officer
since July 2006. He was formerly managing director of Rannd Advisors,
Oakton, Virginia. Until May 2003, Mr. Davis was President and Chief
Operating Officer and a member of the board of directors of XO
Communications Inc., formerly Nextlink Communications Inc. From October
1998 to December 1999, he was Executive Vice President of Nextel
Communications where he had responsibility for the technical and
engineering operations of Nextel's nationwide switching and wireless
communications network, billing and information technology systems. From
August 1986 through September 1998, Mr. Davis served in a variety of senior
engineering and finance roles at MCI, most recently as Senior Vice
President and Chief Financial Officer of MCI Telecommunications. Mr. Davis
serves on the board of directors of Mutual of America Capital Management
Corporation and Charter Communications.
About XM (Nasdaq: XMSR) is America's number one satellite radio company
with more than 8 million subscribers. Broadcasting live daily from studios
in Washington, DC, New York City, Chicago, the Country Music Hall of Fame
in Nashville, Toronto and Montreal, XM's 2007 lineup includes more than 170
digital channels of choice from coast to coast: commercial-free music,
premier sports, news, talk radio, comedy, children's and entertainment
programming; and the most advanced traffic and weather information.
XM, the leader in satellite-delivered entertainment and data services
for the automobile market through partnerships with General Motors, Honda,
Hyundai, Nissan, Porsche, Subaru, Suzuki and Toyota is available in 140
different vehicle models for 2007. XM's industry-leading products are
available at consumer electronics retailers nationwide. For more
information about XM hardware, programming and partnerships, please visit
http://www.xmradio.com/.
Any statements that express, or involve discussions as to,
expectations, beliefs, plans, objectives, assumptions, future events or
performance with respect to XM Satellite Radio Holdings Inc. ("XM") are not
historical facts and may be forward-looking and, accordingly, such
statements involve estimates, assumptions and uncertainties which could
cause actual results to differ materially from those expressed in any
forward-looking statements. Accordingly, any such statements are qualified
in their entirety by reference to the factors discussed in our Annual
Report on Form 10-K for the year ended December 31, 2006 filed with the
Securities and Exchange Commission. Among the significant factors that
could cause our actual results to differ materially from those expressed
are: our pending merger with SIRIUS Satellite Radio Inc. ("SIRIUS"),
including related uncertainties and risks and the impact on our business if
the merger is not completed; any events which affect the useful life of our
satellites; our dependence upon third parties, including manufacturers of
XM radios, retailers, automakers and programming providers; and our
competitive position versus other audio entertainment providers.
Nate Davis, Current XM President & COO, Named Interim CEO
WASHINGTON, July 24 /PRNewswire-FirstCall/ -- XM Satellite Radio
(Nasdaq: XMSR) today announced that XM Satellite Radio Chief Executive
Officer, Hugh Panero will be leaving the company in August. Mr. Panero, one
of XM's founders, helped turn satellite radio into one of the fastest
growing new technologies ever and XM into the largest satellite radio
company serving more than 8 million customers.
(Logo: http://www.newscom.com/cgi-bin/prnh/20070313/XMLOGO )
According to XM Chairman, Gary Parsons, "Hugh took satellite radio from
a concept and turned it into the popular, mass market, consumer
entertainment product it is today. I thank Hugh personally for his
friendship, and professionally, for nearly a decade of industry
leadership."
Eddy Hartenstein, XM Board member and former, Chairman & CEO of DirecTV
said, "Hugh brought to XM the rare combination of vision, operating
experience and programming expertise. People used to say that no one would
pay for radio, as they once said about television, but Hugh proved them
wrong and created a new industry along the way. Speaking for the Board of
Directors, we wish Hugh well in his next big endeavor and thank him for his
many contributions to XM and satellite radio."
Nate Davis, currently XM President & Chief Operating Officer will serve
as President and interim CEO. Hugh Panero recruited Nate Davis to serve as
President & Chief Operating Officer in July 2006. Mr. Davis has served as a
member of the Board of Directors since October 1999.
In February, XM Satellite Radio and Sirius Satellite Radio announced
that the companies had entered into an agreement to combine the companies
in a tax- free, all stock, merger of equals. Under the agreement, Mel
Karmazin, currently CEO of Sirius, will serve as CEO of the combined
company and Gary Parsons, currently Chairman of XM will become Chairman of
the combined company. The merger is currently pending shareholder and
regulatory approval.
The company is scheduled to have its quarterly conference call on
Thursday, July 26th at 10:00 AM ET to discuss its second quarter financial
results among other issues including the management transition.
About Nate Davis: Mr. Davis has served as a member of our Board of
Directors since October 1999 and as President and Chief Operating Officer
since July 2006. He was formerly managing director of Rannd Advisors,
Oakton, Virginia. Until May 2003, Mr. Davis was President and Chief
Operating Officer and a member of the board of directors of XO
Communications Inc., formerly Nextlink Communications Inc. From October
1998 to December 1999, he was Executive Vice President of Nextel
Communications where he had responsibility for the technical and
engineering operations of Nextel's nationwide switching and wireless
communications network, billing and information technology systems. From
August 1986 through September 1998, Mr. Davis served in a variety of senior
engineering and finance roles at MCI, most recently as Senior Vice
President and Chief Financial Officer of MCI Telecommunications. Mr. Davis
serves on the board of directors of Mutual of America Capital Management
Corporation and Charter Communications.
About XM (Nasdaq: XMSR) is America's number one satellite radio company
with more than 8 million subscribers. Broadcasting live daily from studios
in Washington, DC, New York City, Chicago, the Country Music Hall of Fame
in Nashville, Toronto and Montreal, XM's 2007 lineup includes more than 170
digital channels of choice from coast to coast: commercial-free music,
premier sports, news, talk radio, comedy, children's and entertainment
programming; and the most advanced traffic and weather information.
XM, the leader in satellite-delivered entertainment and data services
for the automobile market through partnerships with General Motors, Honda,
Hyundai, Nissan, Porsche, Subaru, Suzuki and Toyota is available in 140
different vehicle models for 2007. XM's industry-leading products are
available at consumer electronics retailers nationwide. For more
information about XM hardware, programming and partnerships, please visit
http://www.xmradio.com/.
Any statements that express, or involve discussions as to,
expectations, beliefs, plans, objectives, assumptions, future events or
performance with respect to XM Satellite Radio Holdings Inc. ("XM") are not
historical facts and may be forward-looking and, accordingly, such
statements involve estimates, assumptions and uncertainties which could
cause actual results to differ materially from those expressed in any
forward-looking statements. Accordingly, any such statements are qualified
in their entirety by reference to the factors discussed in our Annual
Report on Form 10-K for the year ended December 31, 2006 filed with the
Securities and Exchange Commission. Among the significant factors that
could cause our actual results to differ materially from those expressed
are: our pending merger with SIRIUS Satellite Radio Inc. ("SIRIUS"),
including related uncertainties and risks and the impact on our business if
the merger is not completed; any events which affect the useful life of our
satellites; our dependence upon third parties, including manufacturers of
XM radios, retailers, automakers and programming providers; and our
competitive position versus other audio entertainment providers.
august 10th
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