"I could not be more proud of everything that has been accomplished in satellite radio," said Gary Parsons. "It has been a true honor to serve the stockholders of these companies since founding through delivery of an unparallel service to millions of loyal and devoted subscribers. While it has been a privilege to serve SIRIUS XM as Chairman and to have guided the company successfully through the merger of SIRIUS and XM, I believe now is the right time to step aside. As SIRIUS XM, we have achieved significant synergies while bringing together two incredibly talented teams and unique service offerings. Moreover, despite the challenging economic environment, we have begun to generate positive cash flow and have substantially improved our financial condition. While challenges remain, I'm confident that under the direction of Mel Karmazin and with the assistance of Eddy Hartenstein, SIRIUS XM will continue to grow and flourish."
Parsons was founder of XM Satellite Radio and was the Chairman of XM Satellite Radio, prior to the merger of SIRIUS and XM. As a result of Mr. Parsons' resignation, SIRIUS XM is in compliance with NASDAQ's independent director requirements for continued listing.