Sirius XM shareholders give Mel the ok


The votes have been tallied from the annual shareholders meeting of Sirius XM. The owners of the company gave CEO Mel Karmazin everything he asked for to complete the company’s financial reorganization.

First off, the entire slate of directors was elected – not that there was any opposing slate. Liberty Media Corporation had already filled the two seats it received under its investment deal that saved Sirius XM from a bankruptcy filing.

Shareholders approved a one billion share increase in the company’s authorized shares to nine billion, which was essential under the recently completed deal with Liberty Media.

But there won’t be nine billion shares for long. The shareholders also gave the board of directors authority to enact a reverse stock split ranging from one share for 10 to one share for 50. Stay tuned for that to be determined.

In addition, the shareholders voted yes on the routine measures of approving the company’s 2009 stock incentive plan for employees and ratified the appointment of KPMG LLP as the company’s independent auditor.

In a final victory for Karmazin, shareholders voted down a proposal which would have given the shareholders an advisory vote on executive pay packages. That proposal had been opposed by the Sirius XM board of directors.