XM CEO Panero to Leave in August

The fate of XM CEO and co-founder Hugh Panero was finally revealed late Tuesday as the satellite radio company said he would be leaving the company in August. No reasons were given for his departure. Nate Davis, currently XM president and Chief Operating Officer, will serve as interim CEO. Panero had no position in the proposed merger of XM and Sirius, leading some to question his future with XM and the combined company.

Sirius CEO Mel Karmazin will serve as the new CEO, and XM's Chairman Gary Parsons will become the chairman of XM/Sirius. The deal is still awaiting regulatory approval, however both sides have repeatedly said that they expect the merger to close by the end of the year.