January 22, 2002
XM Satellite Radio, America's first nationwide digital satellite radio service, has promoted three key executives who have made major contributions to its launch success and being named "Product of the Year" by Fortune Magazine, XM President and CEO Hugh Panero announced today.
"We are promoting three senior executives who have played key roles in executing the company's business plan and launching the fastest-selling audio product in 20 years," Panero said.
Stephen R. Cook, Senior Vice President, Sales and Marketing, is being promoted to Executive Vice President.
Steven P. Gavenas, Senior Vice President, Programming & New Business Development, is being promoted to Executive Vice President.
Dr. Stellios J. Patsiokas, Senior Vice President of Technology and Engineering, is being promoted to Executive Vice President.XM (Nasdaq: XMSR) is transforming radio, an industry that has seen little technological change since FM, almost 40 years ago. XM signed up more than 30,000 subscribers in its first eight weeks of nationwide operations, making it the fastest-selling audio product in the past 20 years. XM's programming lineup features 100 coast-to-coast digital channels: 71 music channels, more than 30 of them commercial-free, from hip hop to opera, classical to country, bluegrass to blues; and 29 channels of sports, talk, children's and entertainment. XM also brings to the car, for the first time on radio, the same diverse selection of 24-hour news sources available in the home on cable and DIRECTV.
Factors that could cause actual results to differ materially from those in the forward-looking statements in this press release include uncertainties associated with demand for the company's service, the company's dependence on third party vendors, its continuing need for additional financing, as well as other risks described in XM Satellite Radio Holdings Inc.'s Form 8-K filed with the Securities and Exchange Commission on 12-6-2001. Copies of the filing are available upon request from XM Radio' s Investor Relations Department.