Full Text Of Mel Karmazin Letter To Staff On His Exit As Sirius XM CEO

Outspoken Sirius XM Radio CEO Mel Karmazin will step down on Feb. 1, 2013, after his contract expires, according to an official release by the company. The satellite broadcaster's board has formed a search committee to consider both internal and external candidates to replace him. Here is the full text of Karmazin's email to staff:

Dear Friends,

Today I told the Board that I will be stepping down as
CEO of SiriusXM on February 1, 2013, following the expiration of my employment
agreement and after a transition period. 
I also plan to leave the Company's Board of Directors at that time.

It is my great privilege to be a part of SiriusXM.  The last eight years have been an amazing
ride.  We have over 23 million
subscribers and today SiriusXM is the largest radio company in the world when
measured by revenue and among the largest subscription media businesses in the
U.S.  We completed a merger that changed
the audio entertainment business and successfully navigated the depths of the
financial crisis at a time when many companies were not so lucky. 

The commitment and drive to create, promote and broadcast
world-class entertainment, information, music and sports programming from the
broadest spectrum possible is as sharp today as when the company was first
concieved.

New talent, new programming, new and improved technology
– this happens every day at SiriusXM.  We
continue to have live coverage of every major sport, the best programming in
news, talk and entertainment and commercial-free music.  We have broken new ground in curating our own
concerts, town halls and special events for in-person, on-air and online
access. 

Today our listeners can enjoy SiriusXM wherever and
whenever they want.  Our service is
available through every major auto manufacturer and our online access has
grown.  Whether it is via online, iPhone,
smart phone or tablet, our listeners can always get the best radio on
radio.  The functionality of SiriusXM 2.0
is dramatically accelerating the experience for subscribers and we're not done
yet.

We have the team, the talent and the financial standing
to continue to grow and lead the industry by anyone's measure.  Our bench is deep, our drive is strong and
our ability to deliver has been proven again and again.  I'm looking forward to seeing – and listening
to – all that is ahead for SiriusXM in the years to come. 

I'm incredibly proud to have had the honor of leading
this company.  I continue to be inspired
by the team here.  This is an exceptional
place to work and it is because of the people. 
Thank you for sharing your time and your talents with me over the last
eight years.  We have done amazing things
and you all have my gratitude for the hard work and dedication it took to bring
it all to fruition.

In that same spirit, we will keep our foot on the gas and
continue driving ahead to finish 2012 and lay the groundwork for 2013 and
beyond.  I look forward to finishing
strongly and to working with you to create an exceptional experience for our
subscribers and growing value for our stockholders.  Thanks to you the best is yet to come for
SiriusXM.

With gratitude,

Mel