Jan 22 Liberty Media Corp, now in full
control of Sirius XM Radio Inc, has gone ahead with its
plans to replace the satellite radio provider's board by adding
three of its own insiders.
Three board members - Leon Black, Lawrence Gilberti and Jack
Shaw - will leave, Sirius XM said in a statement on Tuesday.
They will be replaced by Mark Carleton, a senior vice president
at Liberty Media; Robin Pringle, a vice president of corporate
development at Liberty Media and Liberty Interactive ;
and Charles Tanabe, Liberty's former general counsel.
Sirius XM interim Chief Executive Officer Jim Meyer, who
took over in December, is also joining the board, as previously
announced. The company has not yet said whether Meyer will
become full-time CEO, but has identified him as one of the
candidates being looked at by the search committee.
Liberty said last year that it had planned to replace Sirius
XM's board once it received approval from the U.S. Federal
Communications Commission to gain control of the satellite radio
Last week, Liberty took majority ownership of Sirius XM,
buying another 50 million shares of the company's stock. Liberty
now owns about 50.7 percent of Sirius XM's shares.
Liberty acquired an initial stake of about 40 percent in
Sirius in 2009 as part of a deal in which it loaned the
satellite radio broadcaster $530 million to help stave off
Sirius XM ended the year with 23.9 million subscribers and
maintains an estimated 70 percent market share of in-car radios
sold in the United States.
Shares of Sirius XM were unchanged at $3.16 in early