As had been predicted, Meyer, SiriusXM’s President of Sales and Operations, is succeeding Mel Karmazin, who relinquished his role as CEO 12/18 and resigned as a member of the board.
Said Sirius XM’s latest 8-K filing: “On December 18, 2012, we entered into an amendment to the existing employment agreement between us and James E. Meyer. Pursuant to the terms of the amendment, Mr. Meyer will become our Chief Executive Officer, on an interim basis, effective immediately. Mr. Meyer will also be elected a member of our board of directors.”
“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. “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.”
Meyer will get a base salary of $1,300,000 per year, and annual bonuses in an amount to be determined by the compensation committee of the board. The amendment also: extends the term of his agreement to October 31, 2013; changes the date that Meyer may elect to retire to October 2013; and provides that if Meyer’s employment terminates after another person is appointed as chief executive officer, Meyer will be entitled to an additional bonus to reflect his contributions.
Meyer has served as President, Operations and Sales, since May 2004. Prior to May 2004, he was President of Aegis Ventures Incorporated, a consulting firm that provides general management services.