Hugh Panero stepping down as the CEO of XM Satellite Radio

Hugh Panero stepping down as the CEO of XM Satellite Radio

XM Satellite Radio has announced that their chief executive and a company founder Hugh Panero would now step down from the position in August this year.

He had earlier said that he would resign after the proposed merger with rival Sirius Satellite Radio was approved.

XM spokesman Chance Patterson said in a statement on this new development: “Hugh’s been extremely professional and supportive during the merger process and he simply decided it was time to leave with the process now in full gear.”

The proposed merger between the two companies however still faces several regulatory hurdles.

XM added that XM President and Chief Operating Officer Nate Davis will take the role of interim CEO.

Janco Partners analyst April Horace wrote in a note on this development: “I think Mel’s improved his position with respect to understanding what the FCC is looking for. From my perspective, Hugh Panero’s leaving is a big statement with respect to getting FCC approval.”