Sirius XM has gotten back to having a majority of independent directors on its board of directors. And it didn’t even have to fill the vacant seat of Jeffrey D. Zients, who took an Obama Administration post, to do so. Instead, the resignation of Gary Parsons, who was considered an insider, shifted the balance to seven independents and six insiders.
Sirius XM reported in an SEC filing that it had received a letter from The Nasdaq Stock Market acknowledging that the company complies with the independent director and audit committee requirements of the Nasdaq rules.
However, Sirius XM is still out of compliance with Nasdaq’s minimum price rule. It has until March 15, 2010 to get its stock price back up above $1.