Shocker! SiriusXM CEO Mel Karmazin Calls it Quits

SiriusXM Radio (NASDAQ:SIRI) has just announced that Chief Executive Officer Mel Karmazin will step down from his role as CEO and leave the company, effective February 1, 2013.

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.

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