Sirius XM Radio is still searching for a CEO according to the firm's controlling interest Liberty Media
Sirius XM Radio Inc (NASDAQ:SIRI) is still searching for a new Chief Executive according to Liberty Media Corp (NASDAQ:LMCA) (NASDAQ:LMCB).
The report undermines rumors that the company had decided to keep the role in the hands of acting Chief Executive James Meyer. Sirius stock rose by a fraction in today’s trading.
The news was originally reported by Reuters.
According to the statement from Liberty Media Corp (NASDAQ:LMCA) (NASDAQ:LMCB), there have been strong internal and external candidates for the position, and the final decision is likely to be made in the next few months.
Sirius acting CEO James Meyer has been complimented on his efforts by analysts. His knowledge of the company on the Sirius XM Radio conference call bolstered confidence in him.
Former Sirius XM Radio Inc (NASDAQ:SIRI) CEO Mel Karmazin stepped down on February 1. The executive, who had led the company since 2008, left the company in the face of a takeover from Liberty Media Corp (NASDAQ:LMCA (NASDAQ:LMCB).
The executive and the media conglomerate were involved in heated exchanges as the takeover process proceeded, making it difficult to stay on under the new ownership.
There are challenges ahead for the company, and the installation of a new CEO should be its top priority. The well received performance of James Meyer is calming, but investors will be worried about instability should Liberty Media Corp (NASDAQ:LMCA) (NASDAQ:LMCB) choose to replace him.
The firm may be intent on keeping Meyer in the top spot if he continues performing well. Liberty Media is, however, keeping its options open. Today’s statement allows the company to replace Meyer at any time in the coming months, and confirms his position as acting CEO indefinitely.
Sirius is expected to multiply its earnings in the year to come, not mater who the CEO is. The firm is expected to earn 10 cents per share in 2013, and 13 cents per share in 2014. In 2012 the firm earned just 5 cents per share.
Since the start of 2013, Sirius XM Radio Inc (NASDAQ:SIRI) shares have increased by more than 7 percent. The firm’s earnings report, delivered in mid January, slightly missed the expectations of analysts, but that hasn’t stopped the firm’s stock hitting five year price highs.
Sirius XM Radio Inc (NASDAQ:SIRI) is expected to have a landmark year in 2013, whether it will be presided over by James Meyer or somebody else, remains to be seen.