Seems like Gary Parsons had more in mind when he said "now is the right time" to resign from Sirius XM Radio Inc. According to the company, Sirius XM received a letter from Nasdaq stating that it now complies with the independent director and audit committee requirements of the Nasdaq rules. The reason? Because Parsons stepped down.
On July 9th, Sirius XM was notified by The Nasdaq Stock Market that it was not in compliance with the independent director and audit committee
requirements (known as Listing Rule 5605). The reason was because one of Sirius XM's indepent directors, Jeffrey D. Zients, resigned from the board.
Sirius XM notified Nasdaq of Zients resignation on June 23rd.
Jeffrey D. Zients was required to resign as a director because he was previously confirmed by the United States Senate as Deputy Director for Management, Office of Management and Budget. And it was a mandated requirement that he resigned from the Sirius XM board.
In order for SIRI to continue listing on the Nasdaq Global Select Market, they would need to have a majority of "independent directors" on the board. The company needed to comply with this requirement before its next annual stockholders' meeting or June 22nd, 2010.
That's where Eddy W. Harenstein comes in.
Following the resignation of Gary Parsons as a director of the company, independent directors now make up a majority of the Sirius XM Board of Directors. And Mr. Harenstein (an independent director who joined the board of XM back in 2006), is taking Parsons place as Chairman of the Board.
So now all is well with Nasdaq compliancec. Well, almost.
Sirius XM notified Nasdaq of Zients resignation on June 23rd.
Jeffrey D. Zients was required to resign as a director because he was previously confirmed by the United States Senate as Deputy Director for Management, Office of Management and Budget. And it was a mandated requirement that he resigned from the Sirius XM board.
In order for SIRI to continue listing on the Nasdaq Global Select Market, they would need to have a majority of "independent directors" on the board. The company needed to comply with this requirement before its next annual stockholders' meeting or June 22nd, 2010.
That's where Eddy W. Harenstein comes in.
Following the resignation of Gary Parsons as a director of the company, independent directors now make up a majority of the Sirius XM Board of Directors. And Mr. Harenstein (an independent director who joined the board of XM back in 2006), is taking Parsons place as Chairman of the Board.
So now all is well with Nasdaq compliancec. Well, almost.
I would think that the company would be more worried about being delisted.
Nice.
Now if they could just get in compliance with the "Get Your Stock Above One Dollar Rule".
They remain out of compliance with the quality content requirement.
That may be true, but they are in complete compliance with the "don't listen to the subscribers" requirement.