The SiriusXM board of directors formed a search committee to consider both internal and external candidates for the company’s next CEO. The committee will be chaired by Liberty Media CEO Greg Maffei and including director James Mooney and Board Chairman Eddy Hartenstein.

   The executive move should come as no surprise to SiriusXM watchers, especially after Liberty Media, the company’s largest shareholder with a little less than 50 percent of its stock, announced its plans to take control of the broadcaster and spin off SiriusXM Radio into the largest satellite-radio company in the United States. Liberty Media unveiled its original plan to assert control of Sirius XM Radio in May.

   “We appreciate the tremendous job Mel has done for the Company in overseeing the merger and delivering outstanding operating performance,” said Malone. “While we understand, we regret Mel’s decision to pursue other interests and are grateful for his willingness to oversee a smooth and orderly transition.”

   Last month, it was reported that Malone had plans to replace Karmazin, who had been fighting off Liberty Media’s attempts and predicted he would replaced if Malone was successful. “My instincts today are that Liberty does not need me at the company,” Karmazin said last summer. “I have historically been expensive.”

   Hartenstein noted that company underwent a transformative merger and a financial restructuring under Karmazin’s leadership that has enabled SiriusXM to deliver significant value for shareholders. “Our record breaking financial results are a testament to Mel’s leadership and strategic planning, and we continue to exceed our expectations with all-time high subscriber numbers,” Hartenstein said in a statement. “Thanks to Mel, we are well-positioned for long-term growth and value creation. We will miss Mel and the Board wishes him the very best in his future endeavors.”

   “SiriusXM is an extraordinary company with an incredible team,” said Karmazin. “I am incredibly proud of what we have accomplished. Given where we started, it is amazing that SiriusXM has grown to become the largest radio company in the world.  With a deep bench of corporate talent, a roster that includes the most in-demand on-air personalities and a wide-range of exclusive programming, SiriusXM has never been better positioned than it is today.”