Liberty Media Corp. has added its picks to the board of Sirius XM Radio Inc. after gaining majority control of the satellite radio company.
Sirius board members Leon Black, Lawrence Gilbert and Jack Shaw resigned from the board Friday, according to a regulatory document filed with the Securities and Exchange Commission on Tuesday.
They will be replaced by Liberty picks: Mark Carleton, a senior vice president at Liberty; Robin Pringle, a vice president of corporate development at Liberty; and Charles Tanabe, Liberty's retired general counsel. James Meyer, current CEO of Sirius, also joins the board following the resignation of former Sirius CEO Mel Karmazin.
Liberty, run by cable magnate John Malone, saved Sirius from near-bankruptcy in 2009. Since then, it had slowly amassed more shares in the company. It bought enough shares last week to finally secure a more than 50 percent stake in the company.
The Englewood, Colo., company has long said it would replace some Sirius board members if and when it was able to take over the company.
Shares of Sirius fell 1 cent to $3.15 by early afternoon. Liberty Media's shares fell 18 cents to $110.37.
- Investment & Company Information