“We are fortunate to have a very strong executive team in place at SiriusXM and in Jim we have a highly qualified leader and operator,” said Eddy Hartenstein, chairman of the board of directors of SiriusXM, in a statement.
“Jim has been an integral part of SiriusXM for eight years and his extensive knowledge of SiriusXM’s business and significant industry experience are a great asset. Given Jim’s current position, we expect this will be a seamless transition. Thanks to Mel Karmazin’s leadership, strategic vision and operating focus, SiriusXM is poised for a continuation of the results and performance investors have come to expect.”
Those expectations have grown pretty high. Some observers are looking for $5 per share in 2013, despite growing competition from Pandora (NYSE:P), and the ever-looming threat of Apple (NASDAQ:AAPL), which is expected to enter the streaming-music game. Sirius was also hit with the news that it will have to pay higher royalty rates for music through 2017.
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