XM Satellite Radio's Chief Executive Officer, Hugh Panero, will be leaving the company in August it was just announced by the company.
Current XM President & COO, Nate Davis will serve as President and interim CEO. Hugh Panero recruited Nate Davis to serve as President & Chief Operating Officer in July 2006. Mr. Davis has served as a member of the Board of Directors since October 1999.
"Hugh took satellite radio from a concept and turned it into the popular, mass market, consumer entertainment product it is today. I thank Hugh personally for his friendship, and professionally, for nearly a decade of industry leadership," said XM Chairman, Gary Parsons in a statement.
This should make XM's earnings call on Thursday verrrry interesting. You can definitely expect this to be a topic of conversation.
While it's impossible to say for sure why Panero quit, the word on the street has been that Hugh was playing a far less significant role at XM for quite some time. Even when I wrote up an entry calling for his resignation, there were whispers that his term at the company was nearing it's end. Panero was already scheduled to leave after the merger closed, this just is an accelerated plan.
If you've ever met Hugh, you know he is an extremely personable and down to earth man. He must be given a lot of credit for being a pioneer in the industry (especially through the incredible amount of personal hardship he and his family had to endure), for building one of the fastest-growing entertainment services ever - and for recognizing when it is time to pass the torch.
No offense, but Hugh should have left XM a long long time ago.
He had blinders on for at least the last 2 years as XM's great service and program became lifeless mundane bull crap.
Bye Hugh.
No offense, but Hugh should have left XM a long long time ago.
He had blinders on for at least the last 2 years as XM's great service and program became lifeless mundane bull crap.
Bye Hugh.
Just one question: Why? The guy only has six months till the merger goes through, can't he stick around that long? I mean It's not like the new guy is going to be able to do things better than he has, in six months. The guy should have left a year or two ago, so this is long overdue.
Arrgggh. I know he wouldn't have been in charge anyway had the merger gone through (Grrrr...Karmazin...) but I hope if the merger gets shot down they can find someone who's not afraid to push the limits and won't be a yes-man to investors, but will continue to grow XM as an alternative to terrestrial.
Panero will never get credit for the positive accomplishments at XM. He did a fantastic job of running the company in early years. But when the competition blew nearly a billion on Stern, Panero just didn't know how to respond. Most people wouldn't have.
Satellite radio owes the man a lot that he'll never receive credit for, unfortunately.
Quarterly financial reports out on Thursday.
It can't be filled with good news.
Looking for a "fall-guy"?
TypeKey appears to be down.
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Stackpointer,
What do you mean "blew nearly a billion on Stern?" I single-handedly brought six million subscriptions to Sirius. Didn't you see me tell everyone about this during my last David Letterman appearance?
Ask Mel, he'll back me up.
Hoo Hoo, Mel, I need a raise.
Yall remember Hugh's infamous "pump and dump" .
The timing of this announcement just screams problems to me for the quarter. Why would you announce this two days before the CC? Things could get ugly for XM and Sirius this quarter...
Stackpointer wrote: "Panero will never get credit for the positive accomplishments at XM. He did a fantastic job of running the company in early years. But when the competition blew nearly a billion on Stern, Panero just didn't know how to respond. Most people wouldn't have.
Satellite radio owes the man a lot that he'll never receive credit for, unfortunately."
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I agree wholeheartedly. I also agree with those that said he should have stepped down a while ago, especially once the content spending-spree started.
He was a genius at the beginning however.
Anonymous Coward wrote: "Yall remember Hugh's infamous "pump and dump"."
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You mean like Joe Clayton's?
Do you think is fallout from the O&A suspension? Maybe there were more subs lost than they wanted to admit, and now with the conference call its going to come to light.
The press may be skeptical of the merger going through, and Wall Street may be skeptical of the merger going through. But with Panero leaving in August my opinion is that Sirius and XM are highly confident this merger is going to happen. I have the distinct impression that everybody has this wrong except Sirius and XM.
When a company is ailing sometimes you must lop off the head. Good by Mr. Panero. I hold no grudge against you. I know MLB atracted more than enough subscribers to pay for the cost, I know your fantastic OEM deals, I know what you have done for Sat Rad.
Your Only fault was the same as your competitor, the Sat rad market is not 220 million cars strong. Its 20-30 million total subscribers. Couple that with never once sigining an "EXCLUSIVE AUDIO PARTNER" and we are not looking too good.
IMO, The merger will be denyied. This move is to get some one else in place to run the company and have them in place well before the merger is squashed.
Do you think is fallout from the O&A suspension? Maybe there were more subs lost than they wanted to admit, and now with the conference call its going to come to light.
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You must first have listeners for them to leave.
Oh what well we all fight about if the merger go's through?
Oh what will we all fight about if the merger go's through?
It's called "ABANDON SHIP".. MAN THE LIFE BOATS, SHE'S GOING DOWN!!!... Just joking.. But you have to wonder..