XM Satellite Radio CEO Hugh Panero, one of XM's founders, will be leaving the company in August. Nate Davis, current XM president and COO, has been named interim CEO.

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.

XM is scheduled to have its quarterly conference call on Thursday at 10:00 a.m. ET to discuss its second quarter financial results among other issues, including the management transition.