XM Satellite Radio chief exec Hugh Panero confirmed Tuesday he will leave the company in August as federal regulators weigh whether to approve the planned merger with Sirius Satellite Radio, according to Variety.
Panero, a former Time Warner Cable exec, has been with XM since 1998, the year after it received an FCC license to operate. He oversaw the launch of XM’s satellite radio service and helped it grow its subscriber count to 8 million.
XM chairman Gary Parson is staying aboard and will hold the same position in the combined company.
“Hugh took satellite radio from a concept and turned it into the popular, mass-market, consumer entertainment product it is today,” Parsons said in a statement.
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