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SiriusXM CEO Mel Karmazin Stepping Down

by Roy Choi | October 23, 2012October 23, 2012 2:41 pm PST

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.

[via CNN]

Roy Choi

Roy Choi is a Southern California native. He has been infatuated with technology reviews ever since he bought his first crummy laptop in the summer...