4-4-2012
In a rare interview, SiriusXM CEO Mel Karmazin sat down with Jeff Bercovici of Forbes magazine, where Karmazin not only told Bercovici Sirius is now the largest radio company in the world, he told him, ?I think I?m one of the most underpaid executives in the history of executive payment." Karmazin has earned more than $37 million since he took the job in November 2004 and may make about $125 million when he exercises stock options. The stock price when he took the job was $9. Right now it's about $2.
Forbes also points out the growth in the company since Karmazin took over: "Sirius had 660,000 subscribers when Karmazin signed on; today it has 22 million. Fewer than one in five new cars came equipped with a satellite radio then; now two out of three do. Sirius was bleeding at the rate of $670 million a year; this year it expects to generate free cash flow of $700 million and is closing in on $1 billion in Ebitda. Its annual revenues have zoomed from $67 million to $3 billion."
Take a look at the full article HERE
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