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SIRIUS Losing XM Founder (that everyone forgot) (SIRI)
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SIRIUS XM Radio (NASDAQ: SIRI) announced that Gary Parsons has resigned as Chairman of the Board of Directors. The satellite radio giant has appointed Eddy Hartenstein, an independent director, to serve as non-executive chairman. An excerpt from Parsons’ farewell note was:
- “… we have begun to generate positive cash flow and have substantially improved our financial condition. While challenges remain, I’m confident that under the direction of Mel Karmazin and with the assistance of Eddy Hartenstein, SIRIUS XM will continue to grow and flourish.”
The sad thing is that Parsons was effectively forgotten about by most in the public. He was the founder and chairman of XM Satellite Radio before SIRIUS and XM merged.
Frankly, it does not seem that anyone cares. Karmazin and his team are in. Shares closed up 4.7% at $0.66 today and shares are up 1% in the after-hours session.
JON C. OGG
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