With yesterday's appointment of Nate Davis to serve as the XM Satellite Radio President and Chief Operating Officer, we now have learned more about the situation from XM's latest 8-K filing (PDF).

First off, as we know from the announcement yesterday - Nate Davis, 52, is a member of XM's Board of Directors, and he will remain on there. That gives Mr. Davis a bit more clout than any ol' President/COO. Hugh Panero, and Gary Parsons will continue as CEO and Chairman of the Board respectively, so there is no change in that sense.

As for changes in the Board, member Jeffrey Zients has replaced Mr. Davis on the Audit Committee and existing Audit Committee member Eddy Hartenstein has taken over as chair of the Audit Committee. Board member George Haywood has replaced Mr. Davis on the Nominating Committee.

Nate Davis will receive a base salary of $500,000 for the first year of the agreement, with increases to $550,000 and $600,000, in the first and second year respectively. Mr. Davis will receive a one-time signing bonus consisting of $150,000 and 20,000 shares of stock.

Mr. Davis will supervise marketing for both retail and OEM, product development, customer service, and finance. While Hugh Panero will directly oversee programming, sales and business affairs. No doubt this will be a topic of discussion on Thursday's conference call, so let's see what else we will find out.