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SiriusXM CEO Jim Meyer to Retire

SiriusXM right now introduced that Chief Government Officer Jim Meyer intends to retire on December 31, 2020. He had been within the position, initially as interim CEO, since December 2012, when longtime CEO Mel Karmazin stepped down — additionally after round eight years within the position — after Liberty Media gained management of 49.5% of the corporate.

Upon his retirement, Jennifer C. Witz, President of Gross sales, Advertising and marketing and Operations, will change into the Firm’s new CEO. She is the primary lady to maintain that position on the firm.

Gregory Maffei, Chairman of the Board of Administrators of Sirius XM Holdings Inc. acknowledged, “On behalf of the Board of Administrators, I would like to thank Jim for his excellent service, serving to to create the chief in audio leisure in North America. Throughout his tenure as CEO, SiriusXM has grown to change into a diversified audio leisure supplier that’s poised to attain greater than 150 million folks, the biggest addressable digital audio viewers in North America. We’re a greater firm for his stewardship. We glance ahead to persevering with to work with him on the Board and to construct on SiriusXM’s robust momentum.”

Maffei continued, “Our Board of Administrators is thrilled to unanimously appoint Jennifer as the subsequent CEO. With almost 20 years of success on the Firm, nobody is healthier fitted to this place. Jennifer brings the thorough understanding of our enterprise from each angle. She has performed a key position in considerably rising SiriusXM’s subscriber base. Jennifer will lead the Firm’s robust govt group because it continues constructing out its platforms and executes on its progress methods.”

“It has been a privilege to lead SiriusXM, and I’m extremely happy with what we have now achieved collectively during the last eight years,” mentioned Meyer. “This Firm has by no means been in a greater place. We have now reworked our enterprise, rising SiriusXM and its choices, welcoming the group from Pandora by way of our sport altering mixture and growing our scale in podcasting with Simplecast and the pending acquisition of Stitcher. Right now, we ship one of the best content material with a shopper attain that’s unmatched in audio leisure in North America. My determination to retire has lengthy been within the works, and now’s the suitable time to start this transition. I couldn’t be handing the reins over to a stronger chief than Jennifer. I do know firsthand how proficient and progressive she is, and I consider she is going to drive SiriusXM to new heights. This can be a key time for SiriusXM, and I look ahead to working with Jennifer to guarantee a clean transition as we execute on our near-term priorities.”

Throughout an interview Tuesday morning, Meyer, 65, mentioned, “I simply really feel like slowing down,” and echoed his ready feedback concerning Witz and the transition. He joined SiriusXM in Could 2004, after a stint as president of consulting firm Aegis Ventures. Over the previous 25 years, he held senior roles at Thomson, Basic Electrical and RCA.

Witz has been with SiriusXM for over 18 years, serving most lately as president of gross sales, advertising and operations since March 2019. With an MBA from Harvard Enterprise Faculty, Witz beforehand held senior roles at Viacom and Metro-Goldwyn-Mayer.  She started her profession within the Funding Banking Division at Kidder, Peabody & Co Inc.

Witz commented, “I’m honored to tackle the position of CEO and lead SiriusXM at this thrilling time. We have now one of the best audio content material accessible wherever and unimaginable progress platforms. At SiriusXM, we’re rolling out new programming, introducing new expertise and increasing our OEM relationships, whereas pursuing new avenues of progress at Pandora and strengthening our place within the podcasting area. It has been a rare privilege working with Jim and studying from him over time. SiriusXM has super alternatives forward. I look ahead to working intently with Scott Greenstein, Sean Sullivan and the remainder of our proficient administration group and our unimaginable staff to seize these alternatives, drive progress and improve stockholder worth.”

In accordance to the announcement, throughout Meyer’s tenure as CEO, SiriusXM has:

– Grown subscribers to document ranges of 34.Three million, as of June 30, 2020. Following the completion of the pending Stitcher transaction, SiriusXM will attain 150 million listeners throughout its mixed properties;

– Pushed revenues to roughly $7.7 billion in 2020 in contrast to $3.four billion in 2012;

– Returned greater than $10 billion of capital to stockholders;

– Accomplished the acquisition of Pandora;

– Constructed scale within the podcast space with the acquisition of Simplecast and the pending acquisition of Stitcher.

Nonetheless, the contract of star radio character Howard Stern expires on the finish of the yr; negotiations have continued for a number of months, with Meyer saying as lately as final week that he’s “optimistic” concerning the consequence.

The Firm additionally introduced right now that Sean S. Sullivan has been appointed Government Vice President and Chief Monetary Officer, efficient October 26, 2020. Sullivan succeeds David J. Frear. who has held the position since 2003 and can be pursuing different alternatives, efficient instantly.

Meyer mentioned, “Sean brings two-plus many years of monetary and working expertise, robust management skills and an in-depth understanding of the leisure trade. We’re thrilled he’s becoming a member of the group. I would like to thank David for his a few years of dedication to the Firm and wonderful contributions to SiriusXM.”

Following his retirement, Meyer will stay on SiriusXM’s Board of Administrators and can function Vice Chairman. Upon assuming the position of CEO, Ms. Witz can be appointed as a member of the Board. George W. Bodenheimer additionally introduced right now his determination to resign from the Board, efficient instantly.

Maffei concluded, “On behalf of the Board and administration group, we thank George for his management and steering, and I’m grateful for the time we spent collectively on the Board. Though we’ll miss George, our loss can be an amazing achieve for the charitable organizations George plans to focus his abilities on.”

 

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