Sirius Shake-Up Jars Investors, Raising Concerns About Stability
- Both CEO and CFO are headed out the door in ‘unusual’ move
- The changes could signal that a dealmaking phase lies ahead
Photographer: Andrew Harrer/Bloomberg
This article is for subscribers only.
The departure of Sirius XM Holdings Inc.’s top executives jarred investors, sending shares to a four-month low and raising questions about whether more changes are afoot for the satellite-radio service.
The company announced Tuesday that Chief Executive Officer Jim Meyer would retire at the end of December and that Chief Financial Officer David Frear is leaving immediately -- a one-two punch that Citigroup Inc. analyst Jason Bazinet described as “a bit unusual.” Jennifer Witz, currently president of sales, marketing and operations, will become the next CEO.