National, February 23, 2000 -- Steven P. Gavenas, a seasoned corporate strategist, has been named Senior Vice President, New Business Development for XM Satellite Radio Inc. (NASDAQ:XMSR). Gavenas is responsible for spearheading new services and applications for the next generation of radio.
Hugh Panero, President and CEO of XM Radio, cited Gavenas' two decades of strategic business experience in corporate boardrooms and with innovative new enterprises as a major asset to XM Radio. "Steve joins us directly from WorldSpace, where he played a key role in developing and launching the world's first satellite digital radio system. That experience and expertise will prove invaluable to XM as we prepare to launch our innovative 100-channel service during the first half of 2001," he said.
During his three-year tenure at WorldSpace Corporation, which launched the world's first digital satellite radio service in Africa last year, Gavenas spearheaded the company's global corporate strategy, including its Internet and broadband strategies. He will directly apply this knowledge to XM Radio as he develops new platforms and applications for XM Radio's US service that will beam up to 100 channels of innovative music, talk, news, sports and children's programming coast-to-coast.
Prior to joining WorldSpace, Mr. Gavenas served for seven years as a senior consultant in the Washington, DC, office of McKinsey and Company. In this capacity, he advised Fortune 500 companies on devising and implementing corporate growth strategies, sales and marketing approaches, and organizational improvements. Previously, he spent two years on Capitol Hill as Legislative Director for US Representative Hamilton Fish (R-NY), after spending five years in developing countries advising on domestic and international development and resettlement issues.
Mr. Gavenas holds an MA in Business Administration from Cornell University, conferred with highest distinction, and a BA in Economics, summa cum laude, from the University of Texas at Austin.
XM Satellite Radio is developing a new band of radio, targeted to launch in early 2001. XM will create up to 100 channels of digital-quality music, news, sports, talk and children's programming, which will be uplinked to XM's powerful satellites and transmitted directly to vehicle, home and portable radios from coast to coast for a monthly subscription fee of $9.95. XM is backed by a group of industry-leading strategic investors, including General Motors, Clear Channel Communications and DIRECTV, the leading car, radio and satellite companies in the US.
In October 1999, XM Satellite Radio (NASDAQ:XMSR) completed a successful public offering on NASDAQ. American Mobile Satellite Corporation (NASDAQ:SKYC) holds a controlling interest in the company. XM's other investors include industry leaders Clear Channel Communications Inc.; DIRECTV, Inc., a unit of Hughes Electronics Corporation; the General Motors Corporation; and a private investment group comprised of Columbia Capital, Telcom Ventures L.L.C., and Madison Dearborn Partners, which together invested $250 million in the company in July 1999. XM Satellite Radio obtained one of only two satellite digital audio radio service (SDARS) licenses from the Federal Communications Commission in October 1997.
First there was AM, then FM and soon ... XM Satellite Radio. For more information, please visit XM's new website: www.xmradio.com.
Factors that could cause forward-looking statements (including projections and business trends) in this document to differ materially from actual results are detailed from time to time in XM Radio's filings with the Securities and Exchange Commission.