Upon Mr. Meyer's appointment, Mr. Karmazin relinquished his role as Chief Executive Officer and resigned as a member of the SiriusXM Board of Directors. Karmazin informed the board he would not be renewing his current employment agreement on Oct. 23. In previous statements he cited Liberty Media's impending take over of Sirius as the reason for his departure. Liberty owns 49.5% of the company,
"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," said Eddy Hartenstein, Chairman of the Sirius XM Board in a statement "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…we expect this will be a seamless transition."
Sirius XM Will Pay More for Music Through 2017
"I'm honored to lead SiriusXM during this important time for our Company," Meyer added. "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."
Prior to joining SiriusXM, Mr. Meyer was President of Aegis Ventures, a general management consulting company, and provided consultant support for SiriusXM. Before Aegis, he held a number of senior management positions in consumer electronics, including the Senior Executive Vice President of Digital Media Solutions for Thomson, a worldwide leader in consumer electronics.