XM CEO Hugh Panero resigns!

There is much speculation, but little sympathy on the street it seems, for departing CEO Hugh Panero, who will leave XM Satellite Radio in August. Nate Davis, recruited by Panero to fulfill the role of President and COO will step up to hold the fort as interim CEO as well as continuing in his role as President.

The company’s official statement thanks Panero for his efforts “Hugh took satellite radio from a concept and turned it into the popular, mass market, consumer entertainment product it is today. I thank Hugh personally for his friendship, and professionally, for nearly a decade of industry leadership,” said XM Chairman, Gary Parsons, but no mention of his future

Coming just before XM’s earnings call and with no long term successor identified Thursday’s meeting could be somewhat interesting.

Widely regarded as a extremely personable and down to earth man the word on the street has been that Panero was playing a far less significant role at XM for quite some time and was already scheduled to leave after the mergerwith Sirius closed, which begs the question as to why the departure was brought forward.

Via [Orbitcast]