sirius XM 375-2019

After eight years heading SiriusXM, CEO Jim Meyer will retire from the satellite radio company at the end of the year. The company has announced Jennifer Witz, currently President of Sales, Marketing and Operations, will become its new chief executive.

The news, announced before the stock market opened Tuesday morning, sent shares of “SIRI” down 5% in heavy trading in New York to close at $5.36 a share.

"It has been a privilege to lead SiriusXM, and I am incredibly proud of what we have achieved together over the last eight years. This company has never been in a better position,” said Meyer in a statement. “My decision to retire has long been in the works, and now is the right time to begin this transition,” he added.

The company said Meyer will work closely over the coming months with Witz to ensure a smooth transition of responsibilities.

Witz has been with SiriusXM for more than 18 years. She earlier worked at Viacom and Metro-Goldwyn-Mayer, and worked in investment banking.

"Our board of directors is thrilled to unanimously appoint Jennifer as the next CEO,” said Greg Maffei, chairman of SiriusXM and CEO of Liberty Media, its majority owner. “With nearly two decades of success at the company, no one is better suited for this position. Jennifer brings the thorough understanding of our business from every angle. She has played a key role in significantly growing SiriusXM's subscriber base. Jennifer will lead the company's strong executive team as it continues building out its platforms and executes on its growth strategies."

Witz said that she has learned a lot from Meyer through the years and after hitting a record 34.3 million subscribers as of June 30, she sees a lot of potential for the company. “SiriusXM has tremendous opportunities ahead,” she said. “We are rolling out new programming, introducing new technology and expanding our OEM relationships, while pursuing new avenues of growth at Pandora and strengthening our position in the podcasting space.”

Following his retirement, Meyer will remain on SiriusXM's board of directors and will serve as Vice Chairman. Upon assuming the role of CEO, Witz will be appointed as a member of the board. Board member George Bodenheimer also announced today his decision to resign from the board, effective immediately.

New CFO Named

Separately, CFO David Frear, a 17-year company vet, is also exiting SiriusXM to pursue other opportunities. He’ll be succeeded by Sean Sullivan.

Sullivan most recently was CFO at AMC Networks. He earlier worked at Rainbow Media Holdings, the predecessor to AMC, and HiT Entertainment, a children’s media company. "Sean brings two-plus decades of financial and operating experience, strong leadership abilities and an in-depth understanding of the entertainment industry,” said Meyer.