Satellite radio provider XM Satellite Radio Holdings Inc. has named Nate Davis president and COO, splitting off some duties from CEO Hugh Panero.
XM created the position for Davis, who has been a member of the company's board of directors since 1999. Panero had held the title of president in addition to CEO. The COO title is new for the company.
As COO, Davis will manage XM's marketing, retail and automotive sales, finance, engineering and technology, customer service, information technology and human resources. He will report to Panero, who continues to oversee XM's programming.
From 1999 to 2003, Davis was COO of XO Communications, a telecommunications provider that emerged from Chapter 11 bankruptcy protection in early 2003.
He will report to Panero, who will continue to be responsible for XM's programming, advertising sales, business and legal affairs, and corporate communications.
XM's stock price has plunged from about $36 a share one year ago to just under $11 on Tuesday. On Monday, July 24, the company said it had 6.9 million subscribers.
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