Eddy W. Hartenstein to Serve as Non-Executive Chairman of SIRIUS XM Board of Directors
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Eddy W. Hartenstein to Serve as Non-Executive Chairman of SIRIUS XM Board of
Directors
NEW YORK, Nov. 12 /PRNewswire-FirstCall/ -- SIRIUS XM Radio (Nasdaq: SIRI)
today announced that Gary Parsons has resigned as a director and Chairman of
the company's Board of Directors. The company's Board of Directors has
appointed Eddy W. Hartenstein, an independent director, to serve as
non-executive Chairman.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080819/NYTU044LOGO )
"I could not be more proud of everything that has been accomplished in
satellite radio," said Gary Parsons. "It has been a true honor to serve the
stockholders of these companies since founding through delivery of an
unparallel service to millions of loyal and devoted subscribers. While it has
been a privilege to serve SIRIUS XM as Chairman and to have guided the company
successfully through the merger of SIRIUS and XM, I believe now is the right
time to step aside. As SIRIUS XM, we have achieved significant synergies
while bringing together two incredibly talented teams and unique service
offerings. Moreover, despite the challenging economic environment, we have
begun to generate positive cash flow and have substantially improved our
financial condition. While challenges remain, I'm confident that under the
direction of Mel Karmazin and with the assistance of Eddy Hartenstein, SIRIUS
XM will continue to grow and flourish."
Parsons was founder of XM Satellite Radio and was the Chairman of XM Satellite
Radio, prior to the merger of SIRIUS and XM.
Mr. Hartenstein said, "It is a great honor to have been appointed to the
position of Chairman by my fellow Directors. For several years I have worked
closely with the Board, Mel and the rest of the management team and I look
forward to assisting the company in this role. Gary leaves big shoes to fill.
His understanding of our industry and our technology is impressive, as is his
vision for what this exciting service can offer our subscribers. SIRIUS XM is
an extraordinary company that is well positioned for success as it maintains
and builds on its strong position in the months and years ahead."
Mel Karmazin, SIRIUS XM's Chief Executive Officer, said, "As Chairman of the
Board, Gary has very effectively steered our company in the right direction,
through our merger and beyond. He is a true pioneer; he believed in the
promise of satellite radio before there were subscribers, programming or even
satellites. I want to thank Gary for his vision, expertise and tireless
commitment to SIRIUS XM. We greatly appreciate his many contributions and
wish him all the best in all his future endeavors. I am also looking forward
to working closely with Eddy in his new role. As an independent director, he
will bring an important new perspective to the Chairmanship; a perspective
that our stockholders will benefit from."
"The Board is delighted that Eddy W. Hartenstein has agreed to step into the
role of Chairman," said James F. Mooney, Chairman of the company's Nominating
and Corporate Governance Committee. "The Board is committed to following
"best practices" in governance matters, including the selection of an
independent director as Chairman of the Board of Directors. Eddy is a strong
voice of independence on the Board, and his existing role on the Board will
also allow for a seamless transition."
As a result of Mr. Parsons' resignation, SIRIUS XM is in compliance with
NASDAQ's independent director requirements for continued listing.
Eddy W. Hartenstein has been a director of SIRIUS XM since July 2008. From
May 2005 until the closing of the merger with XM in July 2008, Mr. Hartenstein
served as a director of XM Satellite Radio Holdings Inc. In August 2008, Mr.
Hartenstein was named Publisher and CEO of the Los Angeles Times and continues
in that capacity. Mr. Hartenstein was the Vice Chairman and a member of the
board of directors of The DIRECTV Group, Inc. from December 2003 until his
retirement in December 2004. Mr. Hartenstein served as Chairman and CEO of
DIRECTV, Inc. from late 2001 to 2004 and as President of DIRECTV, Inc. from
its inception in 1990 to 2001. Mr. Hartenstein also serves as a member of the
board of directors of SanDisk Corporation, The City of Hope and Broadcom, Inc.
About SIRIUS XM Radio
SIRIUS XM Radio is America's satellite radio company delivering to subscribers
commercial-free music channels, premier sports, news, talk, entertainment, and
traffic and weather.
SIRIUS XM Radio has content relationships with an array of personalities and
artists, including Howard Stern, Martha Stewart, Oprah Winfrey, Rosie
O'Donnell, Jamie Foxx, Barbara Walters, Opie & Anthony, Bubba the Love
Sponge®, Bob Edwards, Chris "Mad Dog" Russo, Jimmy Buffett, The Grateful Dead,
Willie Nelson, Bob Dylan and Tom Petty. SIRIUS XM Radio is the leader in
sports programming as the Official Satellite Radio Partner of the NFL, Major
League Baseball®, NASCAR®, NBA, NHL®, and PGA TOUR® and major college sports.
SIRIUS XM Radio has arrangements with every major automaker. SIRIUS XM Radio
products are available at shop.sirius.com and shop.xmradio.com, and at retail
locations nationwide, including Best Buy, RadioShack, Wal-Mart and independent
retailers.
SIRIUS XM Radio also offers SIRIUS Backseat TV, the first ever live in-vehicle
rear seat entertainment featuring Nickelodeon, Disney Channel and Cartoon
Network; XM NavTraffic® service for GPS navigation systems delivers real-time
traffic information, including accidents and road construction, for more than
80 North American markets.
This communication contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Such statements
include, but are not limited to, statements about the benefits of the business
combination transaction involving SIRIUS and XM, including potential synergies
and cost savings and the timing thereof, future financial and operating
results, the combined company's plans, objectives, expectations and intentions
with respect to future operations, products and services; and other statements
identified by words such as "will likely result," "are expected to,"
"anticipate," "believe," "plan," "estimate," "intend," "will," "should,"
"may," or words of similar meaning. Such forward-looking statements are based
upon the current beliefs and expectations of SIRIUS' and XM's management and
are inherently subject to significant business, economic and competitive
uncertainties and contingencies, many of which are difficult to predict and
generally beyond the control of SIRIUS and XM. Actual results may differ
materially from the results anticipated in these forward-looking statements.
The following factors, among others, could cause actual results to differ
materially from the anticipated results or other expectations expressed in the
forward-looking statement: our substantial indebtedness; the businesses of
SIRIUS and XM may not be combined successfully, or such combination may take
longer, be more difficult, time-consuming or costly to accomplish than
expected; the useful life of our satellites; our dependence upon automakers
and other third parties; our competitive position versus other forms of audio
and video entertainment; and general economic conditions. Additional factors
that could cause SIRIUS' and XM's results to differ materially from those
described in the forward-looking statements can be found in SIRIUS' Annual
Report on Form 10-K for the year ended December 31, 2008 and XM's Annual
Report on Form 10-K for the year ended December 31, 2008, which are filed with
the Securities and Exchange Commission (the "SEC") and available at the SEC's
Internet site (http://www.sec.gov). The information set forth herein speaks
only as of the date hereof, and SIRIUS and XM disclaim any intention or
obligation to update any forward looking statements as a result of
developments occurring after the date of this communication.
G-SIRI
Contact Information for Investors and Financial Media:
Investors:
William Prip
212 584 5289
william.prip@siriusxm.com
Hooper Stevens
212 901 6718
hooper.stevens@siriusxm.com
Media:
Patrick Reilly
212 901 6646
patrick.reilly@siriusxm.com
SOURCE SIRIUS XM Radio
Investors, William Prip, +1-212-584-5289, william.prip@siriusxm.com, or Hooper
Stevens, +1-212-901-6718, hooper.stevens@siriusxm.com, or Media, Patrick
Reilly, +1-212-901-6646, patrick.reilly@siriusxm.com
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