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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 .

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