Corporate Governance
Good corporate governance - pointing out corporate directors who should and shouldn't be elected anywhere. This is my attempt to keep track of good people for board of directors and keep track of people who should be avoided.Friday, September 01, 2006
XM Radio director quits
reposted from July 23, 2006
I like being able to point to a good director.
He quit because he had concerns about the company.
A member of the board of directors of XM Satellite Radio resigned Thursday after the company reported a larger-than-expected loss in the fourth quarter. XM reported a net loss of $268.3 million on $177 million in revenue in the fourth quarter of 2005, and a full-year net loss of $666.7 million on revenues of $558.3 million. The company said growing marketing and customer acquisition costs led to the larger loss. Those financial results let one member of the company's board, Pierce J. Roberts Jr., to resign. Roberts said he was "troubled" by the company's financial situation and that the company needed to make major changes to avoid "a significant chance of a crisis." XM officials brushed off Roberts' concerns, saying that the company was on track to reach cash-flow breakeven by the end of this year. XM finished 2005 with just under six million subscribers, far ahead of satellite radio rival Sirius, and plans to have nine million subscribers by the end of this year.
I like being able to point to a good director.
He quit because he had concerns about the company.
A member of the board of directors of XM Satellite Radio resigned Thursday after the company reported a larger-than-expected loss in the fourth quarter. XM reported a net loss of $268.3 million on $177 million in revenue in the fourth quarter of 2005, and a full-year net loss of $666.7 million on revenues of $558.3 million. The company said growing marketing and customer acquisition costs led to the larger loss. Those financial results let one member of the company's board, Pierce J. Roberts Jr., to resign. Roberts said he was "troubled" by the company's financial situation and that the company needed to make major changes to avoid "a significant chance of a crisis." XM officials brushed off Roberts' concerns, saying that the company was on track to reach cash-flow breakeven by the end of this year. XM finished 2005 with just under six million subscribers, far ahead of satellite radio rival Sirius, and plans to have nine million subscribers by the end of this year.
posted by Larry Diamond # 6:06 AM 
Subscribe to
Posts [Atom]
View mobile version
Archives
August 2006 September 2006 October 2006 November 2006 January 2007 April 2007 May 2007 August 2007 September 2007 October 2007 December 2007 February 2008 March 2008 April 2008 June 2008 July 2008 August 2008 November 2008 February 2009 May 2009 June 2009 July 2009 August 2009
