This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Sirius Chairman Parsons Resigns

(Updated with premarket trading)

NEW YORK ( TheStreet) -- Sirius XM Radio (SIRI - Get Report) said Gary Parsons has resigned as chairman of the satellite-radio provider and will be replaced by independent director Eddy Hartenstein.

Hartenstein is publisher and CEO of the Los Angeles Times.

Parsons was founder of XM Satellite Radio and served as chairman of the company prior to its merger with Sirius in the summer of 2008. He also resigned as a director, putting Sirius in compliance with Nasdaq's independent director requirements.

"While it has been a privilege to serve Sirius XM as chairman and to have guided the company successfully through the merger of Sirius and XM, I believe now is the right time to step aside," Parsons said in a statement.

Parsons said he is leaving the company at a time when it has begun to generate positive cash flow and has "substantially improved" its financial condition.

Earlier this month, Sirius posted a third-quarter loss of $149 million, or 4 cents a share. Adjusting for non-recurring items, the loss was $11 million, which amounts to break-even on a per-share basis.

Sirius still has a long way to go before it can be profitable.

Shares of Sirius have fallen more than 80% over the past three years and the company is in the hole for more than $10 billion and living off debt.

The stock closed Thursday at 66 cents. It was up a cent to 67 cents in recent premarket trading.

-- Reported by Joseph Woelfel in New York .

Follow on Twitter and become a fan on Facebook.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
SIRI $3.42 0.00%
AAPL $94.02 0.00%
FB $104.07 0.00%
GOOG $683.57 0.00%
TSLA $162.60 0.00%


Chart of I:DJI
DOW 16,204.97 -211.61 -1.29%
S&P 500 1,880.05 -35.40 -1.85%
NASDAQ 4,363.1440 -146.4150 -3.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs