Haywood Resigns From XM Board
October 4, 2006 at 12:08 PM (PT)
GEORGE W. HAYWOOD has resigned from XM SATELLITE RADIO's board of directors effective TUESDAY (10/3), citing personal reasons for his departure. "I take pride in the growth and accomplishments of the company and I continue to fully support the current direction of the company and the company's management," said HAYWOOD in a press release.
HAYWOOD's resignation leaves XM not in compliance with NASDAQ rules requiring a majority of the board to be composed of independent directors, but XM says it expects to be in compliance before the next annual meeting, which would meet NASDAQ requirements.