Karmazin: Sirius XM To Cut Exec Positions
August 14, 2008 at 11:32 AM (PT)
SIRIUS XM RADIO CEO MEL KARMAZIN told BLOOMBERG TELEVISION that he has identified executive positions to be eliminated, which he said would realize "extraordinary" cost savings for the newly-merged entity.
"We need to get the revenue up beyond the cost of operating our business," KARMAZIN said, adding that he would release details of the cuts next month. He said that the company may report $300 million in earnings next year with some exclusions.
KARMAZIN's company's stock had dropped 54% this year before today's trading.