Today, April 30th, Sirius XM Radio reported growth for the first quarter and named Jim Meyer the company’ permanent CEO.
Jim Meyer has been interim CEO for Sirius XM Radio since December 2012. During the first quarter the company said it has added 452,890 net new subscribers, compared with v added during the same period last year. By the end of March Sirius had 24.4 million subscribers, a record for the company. As a comparison, Comcast, which is the largest US cable operator, had almost 22 million video subscribers at the end of 2012.
Sirius XM also reported a profit of $124 million for the first quarter, an increase from $108 million during the same period last year, and revenue increased to $897 million from $805 million. In January Liberty took control over Sirius after it has gradually increased its stake over the past year until it crossed the 50% ownership mark.
Meyer was promoted after Mel Karmazin, Sirius CEO, left the company several months ago. Meyer has served as Sirius’s president of sales and operations since May 2004 and before that he was president at Aegis Ventures.
“After a thorough search of excellent candidates, we are delighted to name Jim as the CEO of Sirius XM, where he will continue to lead a very strong executive team,” said Liberty CEO and Sirius chairman Greg Maffei. “Jim is a highly qualified leader and operator, and we look forward to working with him to build on Sirius XM’s position as the innovator in audio entertainment…Jim’s leadership, strategic vision and operating focus are exactly what SiriusXM needs today and in the future.”