Karmazin Resigns Early - Liberty to Choose Successor

**BethSucks** · 12-19-2012, 10:43 AM

http://www.latimes.com/entertainment...,3596214.story

Sirius XM Radio has tapped James Meyer as its interim chief executive officer while the search for a permanent replacement for Mel Karmazin continues.
Meyer, currently president of sales and operations, has been with the satellite radio broadcaster since 2004. He will also take Karmazin's spot on the Sirius XM board of directors.
Karmazin, who announced his plans to resign earlier this fall, had said he would stay with Sirius XM until February. However, with the appointment of Meyer, Karmazin's resignation as CEO and board member takes effect immediately.
"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 in a statement. Hartenstein is also the chief executive of Los Angeles Times parent Tribune Co.
Liberty Media, which is the largest shareholder in Sirius XM, has created a search committee to find a replacement for Karmazin.

**Nemo** · 12-19-2012, 10:44 AM

James Meyers

**Nemo** · 12-19-2012, 10:47 AM

James Meyers

**Bye You!** · 12-19-2012, 10:47 AM

Wiggy

**Nemo** · 12-19-2012, 10:50 AM

James Meyers Sirius

**Nemo** · 12-19-2012, 10:52 AM

http://investing.businessweek.com/re...15&ticker=SIRI

James E. Meyer
President of Sales and Operations, SIRIUS XM Radio Inc.

**BethSucks** · 12-19-2012, 10:56 AM

How will Howard handle not having a member of the tribe running the company, not only will he not be a partner, he won't even be in the club.

**harlock** · 12-19-2012, 10:57 AM

Wiggy can still totally outrun this dude...

**BethSucks** · 12-19-2012, 11:06 AM

Some salary info from Seeking Alpha, bet Stern sees that $200 million Mel is walking away with as his money:

Mr. Meyer shall receive a base salary of $1,300,000 per year, and annual bonuses in an amount to be determined by the compensation committee of our board of directors. The amendment also: extends the term of his agreement to October 31, 2013; changes the date that Mr. Meyer may elect to retire to October 2013; and provides that if Mr. Meyer's employment terminates after another person is appointed as our chief executive officer, then Mr. Meyer will be entitled to an additional bonus...

The filing goes on to say that Karmazin resigned yesterday, December 18. His total compensation for 2011 was almost $10 million with bonuses. That amount will be much higher for 2012 due to stock options which he cashed in for more than $200 million. Will this be for retirement, or seed money for a new venture?

**NotMyBro** · 12-19-2012, 11:10 AM

Originally Posted by BethSucks

How will Howard handle not having a member of the tribe running the company, not only will he not be a partner, he won't even be in the club.

Didn't everyone expect Scott Greenstein to replace Mel? Scott hates Howie and vice versa. Maybe Howie is in better relations with Meyer guy.

**BethSucks** · 12-19-2012, 11:10 AM

Looks like Meyer has made about $25 million in the last few months cashing out his options:

http://biz.yahoo.com/t/77/6045.html

**Caster Fly** · 12-19-2012, 11:12 AM

Originally Posted by BethSucks

Some salary info from Seeking Alpha, bet Stern sees that $200 million Mel is walking away with as his money:

Mr. Meyer shall receive a base salary of $1,300,000 per year, and annual bonuses in an amount to be determined by the compensation committee of our board of directors. The amendment also: extends the term of his agreement to October 31, 2013; changes the date that Mr. Meyer may elect to retire to October 2013; and provides that if Mr. Meyer's employment terminates after another person is appointed as our chief executive officer, then Mr. Meyer will be entitled to an additional bonus...

The filing goes on to say that Karmazin resigned yesterday, December 18. His total compensation for 2011 was almost $10 million with bonuses. That amount will be much higher for 2012 due to stock options which he cashed in for more than $200 million. Will this be for retirement, or seed money for a new venture?

Maybe he will put Howies play on broadway.

**BethSucks** · 12-19-2012, 11:12 AM

Originally Posted by NotMyBro

Didn't everyone expect Scott Greenstein to replace Mel? Scott hates Howie and vice versa. Maybe Howie is in better relations with Meyer guy.

Malone and Liberty are in charge now and they have more of the traditional midwest type values and ideas. People whose names end in berg, stein and stern are no longer going to have preference.