Mel to sell

The Sirius XM CEO has filed paperwork with the SEC to exercise options on, and sell, 30 million shares of his company. According to the satcaster, “Sirius XM Radio Inc. said Thursday that its CEO, Mel Karmazin, has adopted a trading plan for the company’s common stock in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934 [which allows corporate executives to adopt prearranged trading plans when they are not in possession of material, non-public information]. The process is intended to facilitate Karmazin’s personal financial planning strategy of asset diversification and liquidity.” The timing—Karmazin’s contract is up this year, and it’s likely that arch-rival John Malone’s Liberty Media will assume control—set off speculation that the Sirius XM chief will depart the company, albeit with over $60 million in walking around money.

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