Hugh Panero To Leave XM
July 24, 2007 at 1:26 PM (PT)
In a not altogether surprising move, XM SATELLITE RADIO CEO HUGH PANERO will be leaving the satcaster in AUGUST. PANERO, one of the company's founders, helped turn XM into the largest satellite radio network in the country, serving more than eight million customers.
Current XM Pres./COO NATE DAVIS will serve as Pres./Interim CEO. DAVIS has served as a member of the Board Of Directors since OCTOBER, 1999.
XM Chairman GARY PARSONS stated, "HUGH took satellite radio from a concept and turned it into the popular, mass-market, consumer entertainment product it is today. I thank HUGH personally for his friendship, and professionally, for nearly a decade of industry leadership."
Hugh took satellite radio from a concept and turned it into the popular, mass-market, consumer entertainment product it is today
Added XM Board Member EDDY HARTENSTEIN, former Chair./CEO of DirecTV: "HUGH brought to XM the rare combination of vision, operating experience and programming expertise. People used to say that no one would pay for radio, as they once said about television, but HUGH proved them wrong and created a new industry along the way. Speaking for the Board Of Directors, we wish HUGH well in his next big endeavor and thank him for his many contributions to XM and satellite radio."
PANERO's position there became subject of industry speculation when the proposed merger of SIRIUS and XM was announced, with MEL KARMAZIN become the leading force for the combined entity.