With the resignation of Hugh Panero, XM Satellite Radio has upped Nate Davis from President and COO status, to President and (interim) CEO.

And along with that move, Mr. Davis get a bump in his paycheck as well. Since he was snubbed from getting a raise in Spring, it's a welcome increase (when is it ever not?).

So last week it was revealed in an SEC filing that Nate Davis saw an increase in annual salary from $550,000 to $650,000. Not a bad chunk of change. Especially when you factor in a target bonus of 100% of his base salary, per year.

Davis still is $50k short of what Panero was making (so this could even be considered further belt tightening over at XM). And his salary pales in comparison to Mel Karmazin's salary which weighs in at $1.25 million annually.