Satellite radio and digital content provider SiriusXM (SIRI) - Get Report on Tuesday said it has named Jennifer Witz as its new CEO, to replace current chief Jim Meyer when he steps down from the role at the end of this year.
The New York-based company announced Tuesday that Meyer will retire as of Dec. 31, and that Witz, who currently oversees sales, marketing and operations, will become the company's new CEO.
"It has been a privilege to lead SiriusXM, and I am incredibly proud of what we have achieved together over the last eight years," Meyer said in a statement. "This company has never been in a better position. My decision to retire has long been in the works, and now is the right time to begin this transition."
"I am honored to take on the role of CEO and lead SiriusXM at this exciting time," said Witz. "It has been an extraordinary privilege working with Jim and learning from him over the years. SiriusXM has tremendous opportunities ahead."
Meyer and Witz will work together through the fall until Meyer's departure, the company's board said in a statement, though Meyer will remain a board member and serve as vice chairman following the leadership transition.
First launched in July 1, 2002, Sirius Satellite Radio was the first live-streaming radio content provider that utilized a system of its own satellites to broadcast music and talk-radio anywhere in the world.
The company merged with rival XM Satellite Radio in 2008, becoming SiriusXM Radio. In 2018 it merged with music-streaming service Pandora to the tune of $3.5 billion.
SiriusXM said it had 34.3 million subscribers as of June 30, which it expects will expand to 150 million listeners following its acquisition of podcast production platform Stitcher, which it acquired this past summer for $325 million.
Shares of SiriusXM were down 3.81% at $5.42 in trading on Tuesday.