The Humble Libertarian

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Wednesday, April 4, 2012

Sirius XM's Mel Karmazin: 'I'm One of the Most Underpaid Executives in the History of Executive Payment'

The joke of the day? The CEO of Sirius whines that he's not making enough money.
Perched at the head of a conference table in Sirius XM Radio’s glassy Manhattan headquarters, sporting a red power tie and a sepia perma-tan that offsets his snowy hair, Karmazin considers, just for a moment, the question of whether the satellite broadcasting giant and its shareholders have been overly generous with their CEO ­during his seven years on the job. “I think I’m one of the most underpaid executives in the history of executive payment,” he concludes. Huh? Karmazin has earned more than $37 million since he took the job in November 2004 and stands to clear another $125 million or so next month with a planned exercise of stock ­options. Meanwhile, the stock has gone from about $9 shortly after he took over, before its merger with XM, to its recent hovering in the low $2 range. His disastrous six-year per­for­mance locks Karmazin in the basement of our annual bang-for-the-buck CEO rankings at number 197 out of 206. (The full list will be published April 4.)
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