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November, 19th 2004

Sirius Stock Sizzles After Satcaster Sets Mel Karmazin As CEO

Following yesterday's bombshell announcement that former Viacom President/COO Mel Karmazin has accepted the CEO position at Sirius, the company's shares roared ahead in after-hours trading. As of 9:30pm ET Thursday, Sirius shares were up 88 cents, to $5.60. With the arrival of Karmazin at Sirius, Joe Clayton will remain involved with the company he joined three years ago by retaining his duties as Chairman. Meanwhile, Clayton called the hiring of Karmazin "the final piece" in Sirius' turnaround, which began when Clayton joined the company three years ago. Clayton's contract with Sirius ends Dec. 31.

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source: Radio and Records
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