Sirius XM shareholders don’t like Leon Black


While other incumbent directors were overwhelmingly re-elected at the Sirius XM annual shareholders meeting May 27th, more voted against billionaire Leon Black than for him. That won’t keep him from retaining the seat.

With no competing slate of candidates, Black really only needed a single vote to remain on the Sirius XM board of directors. But he is clearly not loved by the shareholders. According to the vote tally that the company has filed with the SEC, 458,481,167 votes were cast against having Black as a director. That’s nearly 50 million more than the 408,528,344 cast in his favor. More than 1.8 billion shares were listed as “broker non-votes” for Black and all other candidates.

Black is the founder of Apollo Management, one of the world’s largest private equity fund managers.

CEO Mel Karmazin, by the way, was the most popular candidate. He received 855,065,564 votes to keep him on the board and only 19,266,385 against.