Monday, May 08, 2006

Classic Mel Karmazin

May 8, 2006

This evening when I got home, I looked at my usual stack of mail. Within the stack was the 2005 Annual Report for Sirius Satellite Radio. With the annual meeting a couple of weeks away, I was glad to get the envelope containing the report.

Upon opening the envelope, a smile crossed my face, and without even opening the booklet, I was already happy. Satellite Standard Group readers are now wondering what impressed me so much. Well, here goes.

THE CLASSIC SIMPLICITY OF THE BOOKLET. Gone is the color paper streaming with logos of every stream. Instead a simple Sirius Satellite Radio logo (exactly like the one in this article). Gone is the heavier stock paper. Instead a thinner paper that simply meets the intended need.

Mel Karmazin understands the importance of spending wisely. This document likely cost 25% of what previous annual reports cost to print. Mel understands that he has a responsibility to shareholders, and that money invested into a fancy looking annual report is not money spent wisely.

Those that follow Sirius closely will remember that Sirius purposely toned down CES this year at a savings over a few million dollars. These are little things that likely would not even get notice from people, but have the potential to save the company a lot of money.

Smart spending is what this is all about, and SSG applauds Mel for exercising fiduciary responsibility.

5/08/2006 08:47:00 PM

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