Sirius XM Radio promotes Meyer to interim CEO

AP News
Posted: Dec 19, 2012 1:52 PM

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.

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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.