XM Hires Nate Davis as President and COO
July 24, 2006
XM Satellite Radio has announced today that they have hired Nate Davis as President and COO.
The move has been well received by the street in pre-market trading. XM's current management has come under increasing scrutiny over the past year, and many were waiting for some form of shake-up at management.
WASHINGTON, July 24 /PRNewswire-FirstCall/-- Hugh Panero, Chief Executive Officer, XM Satellite Radio, today announced the appointment of Nate Davis to the newly created position of President and Chief Operating Officer.
Nate Davis is a seasoned telecommunications executive, having served in senior management roles at XO Communications, Nextel and MCI. He was President and COO of XO Communications from late 1999 through early 2003. During his tenure, XO became a $1.38 billion integrated communications provider offering voice, data, internet access, and web hosting services to all segments of the business market.
"I know first hand the kind of action-oriented, business leadership that Nate will bring to his new role," said Panero. "He has a deep understanding of our business as a member of our Board of Directors since 1999. He has a truly impressive track record in operational management and a unique background in finance, technology, and launching new and innovative products. I can't think of anyone better qualified to help take XM to the next level."
"I am passionate about XM and the wonderful content it delivers to its subscribers. I look forward to working even more closely with Hugh and the dynamic management team that created this industry," said Davis. "While there are near term operational challenges to work through, the growth opportunities in front of us are tremendous."
At Nextel Communications, Davis was the Executive Vice President of all technical operations which included engineering, operations, procurement, and IT. Davis also served as CFO of MCI Telecommunications, President and COO of MCImetro, and in a host of roles at MCI and AT&T earlier in his career. He most recently served as Executive In Residence at the venture capital firm Columbia Capital. In addition to continuing as a member of XM's Board of Directors, Davis serves on the boards of Mutual of America Capital Management Corporation and Charter Communications.
Davis received his MBA from the Wharton School at the University of Pennsylvania, his Masters in Engineering Computer Science at the Moore School at Penn, and a Bachelors of Engineering from Stevens Institute of Technology in New Jersey.
About XM Satellite Radio
XM (Nasdaq: XMSR - News) is America's number one satellite radio service with more than 6.89 million subscribers. Broadcasting live daily from studios in Washington, DC, New York City, the Country Music Hall of Fame in Nashville, Toronto and Montreal, XM's 2006 lineup includes more than 170 digital channels of choice from coast to coast: the most commercial-free music channels, sports, talk, comedy, children's and entertainment programming; and the most advanced traffic and weather information.
XM, the leader in satellite-delivered entertainment and data services for the automobile market through partnerships with General Motors, Honda, Toyota, Hyundai, Nissan, and Porsche, is available in more than 140 different vehicle models for 2006. XM's industry-leading products are available at consumer electronics retailers nationwide. For more information about XM hardware, programming and partnerships, please visit http://www.xmradio.com.
Factors that could cause actual results to differ materially from those in the forward-looking statements in this press release include demand for XM Satellite Radio's service, the Company's dependence on technology and third party vendors, its potential need for additional financing, as well as other risks described in XM Satellite Radio Holdings Inc.'s Form 10-K filed with the Securities and Exchange Commission on 3-3-06. Copies of the filing are available upon request from XM Radio's Investor Relations Department.
source: XM satellite Radio
7/24/2006 08:53:00 AM
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