Prior to his promotion to interim CEO on Dec. 19 -- replacing Mel Karmazin -- Meyer was Sirius XM's president of sales and operations, a position he had held since 2004. According to an SEC filing, Meyer has been named CED through Oct. 31, 2015, providing an annual base salary of $1.55 million and an opportunity to earn a target annual bonus equal to 200% of base salary. Upon expiration of the employment agreement, the company has agreed to offer Meyer a three-year consulting agreement that will pay him $2.2 million per year.
In response to the being named Sirius XM's CEO, Meyer was quoted by the company as saying, "I am honored to be working with our talented management team as we continue to deliver the best content and services to our subscribers nationwide and enhance value for our stockholders."
Gregory Maffei, Sirius XM's chairman, praised Meyer as "a vital part of Sirius XM for close to a decade" and lauded his "extensive knowledge of Sirius XM's business and significant industry experience [that] will be invaluable assets in the highly competitive market within which Sirius XM is thriving."
Fool contributor Tim Brugger has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.