Wednesday, October 04, 2006
George Haywood Resigns From XMSR Board
George Haywood Steps Down From XM Satellite Radio Board
WASHINGTON, Oct. 4 /PRNewswire-FirstCall/ --
George W. Haywood has resigned as a member of XM's Board of Directors, effective October 3rd, it was announced today by Gary Parsons, Chairman of the Board, XM Satellite Radio. "On behalf of XM's Board of Directors, I'd like to thank George for his contributions to XM over the last few years," said Parsons. "It's been a true pleasure to work with someone as talented as George and we wish him well in his future endeavors." "It is with deep regret that, for personal reasons, I have decided to step down from XM's Board of Directors," said Haywood. "I take pride in the growth and accomplishments of the company and I continue to fully support the current direction of the company and the company's management." With Haywood's resignation on October 3, 2006, the NASDAQ Stock Market has notified the Company that its Board composition is not in compliance withNASDAQ Rule 4350(c)(1), which requires that a majority of the board ofdirectors of the Company be comprised of independent directors as defined by NASDAQ Rule 4200(a)(15). The Company expects to have a Board composed of a majority of independent directors no later than its next annual meeting, as contemplated by applicable NASDAQ rules.
10/04/2006 08:10:00 AM
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