Tuesday, SiriusXM announced that Mel Karmazin has decided to step down from the CEO position, staying on until February 2013 to allow for a replacement to be found. SiriusXM looks to consider internal and external clients to fill the void.
Karmazin has been in a struggle for control of SiriusXM since Liberty Media purchased a stake of Sirius back in 2009. In that span of time, SiriusXM has bounced back from near bankruptcy and its shares are up nearly 60% since January. Part of the turn around is attributed to the signing of major car manufacturers installing SiriusXM radios into cars as well as long-term deals with big name celebrities tied to radio station. Shares of SirusXM have dropped more than 2 percent during day and after-hours trading.