SiriusXM names President of Sales and Operations James Meyer as Interim CEO, effective immediately. Meyer, who will also join the SiriusXM Board of Directors, succeeds Mel Karmazin, who will not be renewing his current employment agreement. Last week (Dec. 12), we reported that Meyer had "emerged as a leading internal contender" to replace Karmazin as CEO of the satcaster. Now SiriusXM Board of Directors Chairman Eddy Hartenstein says Meyer is being named, at least temporarily, to take over from Karmazin. "We are fortunate to have a very strong executive team in place at SiriusXM and in Jim we have a highly qualified leader and operator. Jim has been an integral part of SiriusXM for eight years and his extensive knowledge of SiriusXM's business and significant industry experience are a great asset. Given Jim's current position, we expect this will be a seamless transition. Thanks to Mel Karmazin's leadership, strategic vision and operating focus, SiriusXM is poised for a continuation of the results and performance investors have come to expect," says Hartenstein. Upon Meyer's appointment, Karmazin officially relinquished his role as CEO and resigned as a member of the SiriusXM Board of Directors. "I'm honored to lead SiriusXM during this important time for our Company," said Meyer. "SiriusXM is a great business and I look forward to working with our talented management team to continue to deliver the best content and service to our subscribers, while enhancing value to our shareholders." The SiriusXM Board has formed a search committee, chaired by Liberty Media's Greg Maffei and including James Mooney and Eddy Hartenstein, to consider both internal and external candidates, including Meyer, for its next permanent CEO.
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