XM Satellite Radio CEO Hugh Panero, one of the company’s founders, will leave the company in August, XM announced July 24.

Nate Davis, XM’s president and COO, will serve as interim CEO. Davis has served as a member of XM’s board since October 1999 and has held his current positions since July 2006.

"Hugh took satellite radio from a concept and turned it into the popular, mass-market, consumer entertainment product it is today,” XM Chairman Gary Parsons said in a statement.
In February, XM and Sirius Satellite Radio announced an agreement to combine the companies, and if the deal is approved by the U.S. government, Sirius CEO Mel Karmazin would serve as CEO of the combined company with Parsons as chairman.