By Alex Sherman - 2012-09-20T16:42:16Z <\/p>\n
Sirius XM Radio Inc. (SIRI) doesnt need Mel Karmazin to succeed, said Liberty Media Corp. Chief Executive Officer Greg Maffei, addressing speculation his company seeks the ouster of the satellite-radio carriers CEO. <\/p>\n
While Karmazin has done a great job running Sirius, plenty of people could replace him, Maffei said today at a Goldman Sachs Group Inc. conference in New York. Karmazin, whose contract ends Dec. 31, said Sept. 12 his instincts told him Liberty didnt need him at Sirius. <\/p>\n
Liberty, which according to Maffei holds about 49.6 percent of Sirius shares, has informed the Federal Communications Commission it intends to take control of the company. Liberty Chairman John Malone said in July he plans to spin off the stake in New York-based Sirius, a move Karmazin said might increase his interest in staying. <\/p>\n
Its unclear whether Karmazin wants to lead Sirius, which has gained 37 percent this year in New York trading through yesterday, under Libertys management, Maffei said. <\/p>\n
Karmazin, who received $10.7 million in salary and bonus last year according to data compiled by Bloomberg, said this month that Liberty may not want to retain him because hes expensive. <\/p>\n
Patrick Reilly, a Sirius spokesman, didnt immediately return a phone message today. <\/p>\n
Liberty, based in Englewood, Colorado, probably wont increase its stake in Sirius past 50 percent until it wins approval from the FCC, Maffei said later in an interview. <\/p>\n
Sirius rose 3.2 percent to $2.57 at 12:18 p.m. New York time. Liberty climbed 2.2 percent to $104.66. <\/p>\n
To contact the reporter on this story: Alex Sherman in New York at asherman6@bloomberg.net<\/a> <\/p>\n<\/p>\n See the rest here: <\/p>\n Liberty\u2019s Maffei Says Karmazin Could Be Replaced at Sirius<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" By Alex Sherman - 2012-09-20T16:42:16Z Sirius XM Radio Inc. (SIRI) doesnt need Mel Karmazin to succeed, said Liberty Media Corp. Continue reading