SiriusXM Falls After CFO’s Immediate Exit, CEO to Retire By Investing.com

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© Reuters.

By Christiana Sciaudone

Investing.com — SiriusXM fell more than 4% after it announced the head of the company’s retirement and the departure of its chief financial officer.

Jim Meyer will retire as chief executive officer of the satellite radio provider at the end of the year, and Jennifer C. Witz, president of sales, marketing and operations, will replace him.

Ms. Witz commented, “I am honored to take on the role of CEO and lead SiriusXM at this exciting time. We have the best audio content available anywhere and incredible growth platforms.

“At SiriusXM, we are rolling out new programming, introducing new technology and expanding our OEM relationships, while pursuing new avenues of growth at Pandora (OTC:) and strengthening our position in the podcasting space,” Witz said in a statement. 

The company pointed to the myriad highlights of Meyer’s tenure, including the more than doubling of revenue from 2012 and the acquisition of Pandora.  

SiriusXM is also getting a new chief financial officer, with Sean S. Sullivan replacing David J. Frear who will be pursuing other opportunities, effective immediately. Sullivan comes from AMC Networks (NASDAQ:), where he held the same position.   

In July, SiriusXM reported earnings per share of 7 cents versus the expected 5 cents, on sales of $1.87 billion, which compares to the estimated $1.88 billion. The stock has six buy ratings, three holds and one sell. 

The stock is down about 24% since the start of 2020.

 

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