NEW YORK – Sirius XM Holdings Inc. (NASDAQ:SIRI) announced today that Joseph A. Verbrugge, the company's Chief Commercial Officer, will postpone his retirement to aid in a smooth transition of his responsibilities.
Originally set to retire on Thursday, June 27, 2024, Verbrugge has agreed to continue his role on a full-time basis until July 31, 2024, with the possibility of an earlier departure at the company's discretion.
Following the full-time term, Verbrugge will shift to a part-time advisory role to the Chief Executive Officer through to the end of 2024. This arrangement is designed to ensure continuity and support to the executive team during the handover of his duties.
This information is based on a recent SEC filing by Sirius XM Holdings Inc. The company, headquartered in New York, operates in the radio broadcasting industry and is known for its satellite radio services.
In other recent news, SiriusXM reported a mixed financial performance in its first quarter 2024 earnings report. Despite a slight 1% decline in subscription revenue, the company saw a 7% rise in advertising revenue, surpassing $400 million. Additionally, the company's adjusted EBITDA increased by 4% year-over-year, achieving a 30% margin. The company leadership is confident in SiriusXM's long-term investment strategy and ongoing business transformation.
SiriusXM's shares have been the subject of recent revisions. Rosenblatt Securities adjusted its price target on SiriusXM shares to $3.40 from $4.50, maintaining a Neutral rating on the stock. Similarly, Deutsche Bank revised its price target for SiriusXM shares to $3.75 from $5.00, keeping a Hold rating. Goldman Sachs upgraded its stance on SiriusXM from Sell to Neutral, albeit reducing the price target to $3.25 from $3.50.
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