# Another XM Director Steps Down



## Chris Blount (Jun 22, 2001)

Another XM Director Steps Down

On the heels of reports that XM Satellite Radio experienced a 54 percent decrease in gross additions during the third quarter over the same period last year, company management is left dealing with another board member jumping ship. Yesterday, George Haywood announced that, effective immediately, he was resigning from the company's Board of Directors.

Although Haywood said he supports the company's direction and management, "personal reasons" were forcing him to step down from his position on the board.

Bernstein Research's Craig Moffet said that although the split between the director and XM appears to be amicable, "the timing - coming without the nomination of a replacement - is once again problematic." The company was notified by the NASDAQ that Haywood's resignation makes XM's board composition out of compliance with the stock market's rules. XM said it expects to have a replacement before it's next annual meeting.

Haywood's departure is the second such resignation the company has experienced this year. In February, then-director Pierce J. Roberts submitted his resignation due to disagreements with XM and other board members with regards to the company's direction - specifically its strategic balance of growth versus cash flow.

http://www.skyreport.com (Used with permission)


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