Something is going on at Sirius XM Holdings Inc (NASDAQ: SIRI) and it is not a good news for SIRI stock investors. SIRI shares are down more than 4% on Tuesday after Sirius XM Holdings Inc announced a major exec shakeup.
SiriusXM has announced that its CEO Jim Meyer intends to retire on December 31, 2020.
This is a key time for SiriusXM, and I look forward to working with Jennifer to ensure a smooth transition as we execute on our near-term prioritiesJim Meyer
And who is Jennifer? Jennifer C. Witz, currently President, Sales, Marketing and Operations will become a new CEO, after Mr. Meyer retires.
The company also announced today that Sean S. Sullivan has been appointed Executive Vice President and CFO, effective October 26, 2020, which means that David Frear will leave the position, and Mr. Frear said that he “will be pursuing other opportunities”, effective immediately.
Seems like investors got scared today which is why SIRI stock is down in a day when many tech companies are surging.