Sean Sullivan To Step Down as CFO, Effective
April 28th
Company Reaffirms Full Year 2023 Financial
Guidance; Plans to Release First Quarter Financial and Operating
Results on April 27th
NEW
YORK, April 4, 2023 /PRNewswire/ -- Sirius XM
Holdings Inc. (NASDAQ: SIRI) today announced that it has appointed
Thomas D. Barry, who currently
serves as Senior Vice President and Controller, as the Company's
next Chief Financial Officer. Effective April 28th, Mr. Barry will succeed Sean Sullivan, who is stepping down from the
role of CFO to pursue another opportunity at a publicly traded
company outside the industry. Mr. Sullivan's transition will be
effective April 28th, following the
release of SiriusXM's first quarter 2023 earnings and its quarterly
earnings call.
Mr. Barry has more than 30 years of finance and accounting
leadership experience. Since 2009 he has served as the Senior Vice
President and Controller of SiriusXM and as the Chief Accounting
Officer. Mr. Barry played an integral role in guiding the
post-merger integration of Sirius and XM and subsequent
acquisitions, including Pandora and the Connected Vehicle Business.
Over the years, he has played a key role in organizational
transformation, digital automation, and cost optimization
initiatives while supporting rapid business revenue growth. Before
joining SiriusXM, Mr. Barry served in finance leadership roles at
Reader's Digest Inc., Xerox Engineering Systems, and Avon Products
Inc. Mr. Barry is a certified public accountant and earned a
bachelor's degree in business administration from Creighton University and an MBA from the University
of Connecticut.
Jennifer Witz, CEO of SiriusXM
said, "Tom is an experienced leader who has played a key role on
SiriusXM's finance team for the last fourteen years and we are
confident he is the right person to serve as our next CFO. Tom has
deep insight into our business and SiriusXM's strategic, operating
and financial priorities, and I look forward to working closely
with him as we execute our strategy to drive profitable growth and
generate returns for our stockholders."
Mr. Barry said, "I am honored to take on this role and build
upon SiriusXM's strong financial foundation and leadership in audio
entertainment. I'm excited to continue to work with Jennifer and
the rest of the executive leadership to ensure that we are well
positioned to capture the opportunities in front of us as we grow
our business while creating value for our stockholders, subscribers
and team."
Ms. Witz added, "Sean and I have worked side by side during my
tenure as CEO, and he has been a valuable member of our team. He
helped lead a strong finance organization at SiriusXM and has
strengthened our bench in the financial area, which will allow for
a smooth succession. On behalf of the entire team at SiriusXM, I
thank him for his contributions to our company and wish him all the
best."
Mr. Sullivan said, "SiriusXM is well positioned for the future
and I have every confidence that the strong finance function will
be in excellent hands under Tom's leadership. I look forward to
ensuring a smooth transition."
The Company also today reaffirmed its full year 2023 financial
guidance provided on February 2,
2023.
SiriusXM will release its first quarter 2023 financial and
operating results on Thursday, April
27, and plans to hold a conference call the same day at
8:00 a.m. ET. A webcast of the
presentation will be available on the Investor Relations section of
the SiriusXM website at https://investor.siriusxm.com. To
participate by telephone, please dial 877.407.4019 (Toll-free) or
+1 201.689.8337 (Local) 10 minutes prior to the start of the call
and ask to be connected to the SiriusXM conference call.
About Sirius XM Holdings Inc.
SiriusXM is the leading audio entertainment company in
North America with a portfolio of
audio businesses including its flagship subscription entertainment
service SiriusXM; the ad-supported and premium music streaming
services of Pandora; an expansive podcast network; and a suite of
business and advertising solutions. Reaching a combined monthly
audience of approximately 150 million listeners, SiriusXM offers a
broad range of content for listeners everywhere they tune in with a
diverse mix of live, on-demand, and curated programming across
music, talk, news, and sports. For more about SiriusXM, please go
to: www.siriusxm.com.
This communication contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements include, but are not limited to, statements
about future financial and operating results, our plans,
objectives, expectations and intentions with respect to future
operations, products and services; and other statements identified
by words such as "will likely result," "are expected to," "will
continue," "is anticipated," "estimated," "believe," "intend,"
"plan," "projection," "outlook" or words of similar meaning. Such
forward-looking statements are based upon the current beliefs and
expectations of our management and are inherently subject to
significant business, economic and competitive uncertainties and
contingencies, many of which are difficult to predict and generally
beyond our control. Actual results and the timing of events may
differ materially from the results anticipated in these
forward-looking statements.
The following factors, among others, could cause actual results
and the timing of events to differ materially from the anticipated
results or other expectations expressed in the forward-looking
statements: Risks Relating to our Business and
Operations: We have been, and may continue to be, adversely
affected by supply chain issues; we may be adversely affected by
the war in Ukraine; we face
substantial competition and that competition is likely to increase
over time; if our efforts to attract and retain subscribers and
listeners, or convert listeners into subscribers, are not
successful, our business will be adversely affected; we engage in
extensive marketing efforts and the continued effectiveness of
those efforts is an important part of our business; we rely on
third parties for the operation of our business, and the failure of
third parties to perform could adversely affect our business;
failure to successfully monetize and generate revenues from
podcasts and other non-music content could adversely affect our
business, operating results, and financial condition; we may not
realize the benefits of acquisitions or other strategic investments
and initiatives; the ongoing COVID-19 pandemic has introduced
significant uncertainty to our business; and the impact of economic
conditions may adversely affect our business, operating results,
and financial condition. Risks Relating to our Sirius XM
Business: A substantial number of our Sirius XM service
subscribers periodically cancel their subscriptions and we cannot
predict how successful we will be at retaining customers; our
ability to profitably attract and retain subscribers to our Sirius
XM service is uncertain; our business depends in part upon the auto
industry; failure of our satellites would significantly damage our
business; and our Sirius XM service may experience harmful
interference from wireless operations. Risks Relating to our
Pandora Business: Our Pandora ad-supported business has
suffered a substantial and consistent loss of monthly active users,
which may adversely affect our Pandora business; our Pandora
business generates a significant portion of its revenues from
advertising, and reduced spending by advertisers could harm our
business; our failure to convince advertisers of the benefits of
our Pandora ad-supported service could harm our business; if we are
unable to maintain revenue growth from our advertising products our
results of operations will be adversely affected; changes to mobile
operating systems and browsers may hinder our ability to sell
advertising and market our services; and if we fail to accurately
predict and play music, comedy or other content that our Pandora
listeners enjoy, we may fail to retain existing and attract new
listeners. Risks Relating to Laws and Governmental
Regulations: Privacy and data security laws and regulations
may hinder our ability to market our services, sell advertising and
impose legal liabilities; consumer protection laws and our failure
to comply with them could damage our business; and failure to
comply with FCC requirements could damage our business. Risks
Associated with Data and Cybersecurity and the Protection of
Consumer Information: If we fail to protect the security of
personal information about our customers, we could be subject to
costly government enforcement actions and private litigation and
our reputation could suffer; and interruption or failure of our
information technology and communications systems could impair the
delivery of our service and harm our business. Risks Associated
with Certain Intellectual Property Rights: The market for
music rights is changing and is subject to significant
uncertainties; our Pandora services depend upon maintaining complex
licenses with copyright owners, and these licenses contain onerous
terms; the rates we must pay for "mechanical rights" to use musical
works on our Pandora service have increased substantially and these
rates may adversely affect our business; failure to protect our
intellectual property or actions by third parties to enforce their
intellectual property rights could substantially harm our business
and operating results; some of our services and technologies may
use "open source" software, which may restrict how we use or
distribute our services or require that we release the source code
subject to those licenses; and rapid technological and industry
changes and new entrants could adversely impact our services. Risks
Related to our Capital and Ownership Structure: We have a
significant amount of indebtedness, and our debt contains certain
covenants that restrict our operations; we are a "controlled
company" within the meaning of the NASDAQ listing rules and, as a
result, qualify for, and rely on, exemptions from certain corporate
governance requirements; while we currently pay a quarterly cash
dividend to holders of our common stock, we may change our dividend
policy at any time; and our principal stockholder has significant
influence, including over actions requiring stockholder approval,
and its interests may differ from the interests of other holders of
our common stock. Other Operational Risks: If we are unable
to attract and retain qualified personnel, our business could be
harmed; our facilities could be damaged by natural catastrophes or
terrorist activities; the unfavorable outcome of pending or future
litigation could have an adverse impact on our operations and
financial condition; we may be exposed to liabilities that other
entertainment service providers would not customarily be subject
to; and our business and prospects depend on the strength of our
brands. Additional factors that could cause our results to
differ materially from those described in the forward-looking
statements can be found in our Annual Report on Form 10-K for the
year ended December 31, 2022, which is filed with the Securities
and Exchange Commission (the "SEC") and available at the SEC's
Internet site (http://www.sec.gov). The information set forth
herein speaks only as of the date hereof, and we disclaim any
intention or obligation to update any forward looking statements as
a result of developments occurring after the date of this
communication.
Investor contacts:
Hooper Stevens
212-901-6718
hooper.stevens@siriusxm.com
Natalie Candela
212-901-6672
natalie.candela@siriusxm.com
Media contact:
Jessica Casano-Antonellis
Jessica.casano@siriusxm.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/thomas-d-barry-appointed-chief-financial-officer-of-siriusxm-301789450.html
SOURCE Sirius XM Holdings Inc.