Sirius XM Shareholders Approve All Proposals
December 18, 2008 at 1:37 PM (PT)
SIRIUS XM RADIO stockholders approved the four proposals considered at its Annual Meeting of Stockholders, held TODAY (12/18).
At the Annual Meeting, SIRIUS XM stockholders voted to re-elect the existing Board of Directors, which consists of JOAN L. AMBLE, LEON D. BLACK, LAWRENCE F. GILBERTI, EDDY W. HARTENSTEIN, JAMES P. HOLDEN, CHESTER A. HUBER, JR., MEL KARMAZIN, JOHN W. MENDEL, JAMES F. MOONEY, GARY PARSONS, JACK SHAW and JEFFREY D. ZIENTS.
SIRIUS XM stockholders also approved two amendments to the Company's certificate of incorporation. The first amendment increases the number of authorized shares of SIRIUS XM common stock from 4,500,000,000 shares to 8,000,000,000 shares. The second amendment permits the Board of Directors of SIRIUS XM at any time prior to DECEMBER 31, 2009 to effect a reverse stock split of SIRIUS XM common stock by a ratio of not less than one-for-ten and not more than one-for-fifty, with the exact ratio to be determined by the SIRIUS XM Board of Directors at its discretion.
The second amendment also allows for a reduction of the number of authorized shares of SIRIUS XM common stock as described in the proxy statement for the Annual Meeting.
Finally, stockholders ratified the appointment of KPMG LLP as the independent auditors of the company for the fiscal year ending DECEMBER 31, 2008.
The final results of the voting are expected to be filed with the Securities and Exchange Commission as part of the company's Annual Report on Form 10-K for the year ending DECEMBER 31, 2008.
Workforce Slashed 22% This Year
Speaking at the shareholders meeting, KARMAZIN said that SIRIUS will have cut 22% of its staff by the time 2008 closes. About 460 employees were let go this year, going down to 1,600 people from the roughly 2,060 it employed before it bought XM Satellite in JULY.