Karmazin, who will also vacate his position on the satcaster’s Board of Directors, gushed about his time at the company and its prospects for growth moving forward.
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“SiriusXM is an extraordinary company with an incredible team. It is an honor to come to work here every day where we truly deliver the best radio on radio. I am incredibly proud of what we have accomplished,” Karmazin said in a statement.
He added, “SiriusXM has a strong foundation to build on for the future and there is a great team in place to keep the company moving forward. I am confident that SiriusXM’s best years are ahead.”
The SiriusXM Board of Directors has assembled a search committee led by Greg Maffei that will explore the company’s options and consider both internal and external candidates to replace Karmazin as CEO. The Board also gave Karmazin a fond farewell and thank you for his “significant contributions and leadership” that have Sirius “well-positioned for long-term growth.”
“We will miss Mel and the Board wishes him the very best in his future endeavors,” said Board Chairman Eddy Hartenstein.