The Chief Executive and current President of XM Satellite Radio in America has quit his position. Hugh Panero was one of the founders of the company and has regularly been attributed to turning paid-for Satellite Radio from a concept to the mass market product it is today.
In February, XM Satellite Radio and Sirius Satellite Radio announced that the companies had entered into an agreement to combine the companies in a tax- free, all stock, merger of equals. Under the agreement, Mel Karmazin, currently CEO of Sirius, will serve as CEO of the combined company and Gary Parsons, currently Chairman of XM will become Chairman of the combined company. The merger is currently pending shareholder and regulatory approval.
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