SiriusXM Tightens Belt, Names COO
• Busy day inside SiriusXM, as the company appointed a new Chief Operating Officer and laid out a new strategic vision that includes a greater focus on cost efficiencies and on its in-car subscription business.
According to the Hollywood Reporter, SiriusXM will target an initial incremental $200 million of annualized savings at the end of 2025, after delivering about $350 million of run rate savings in 2023 and 2024. This effort comes as the satellite radio company faces what it terms “marketplace headwinds.”
In a statement, CEO Jennifer Witz said, “At SiriusXM, we are focusing on the strengths that set us apart – including our strong core subscriber base, our unique position in vehicle, and our unrivaled, curated content –and taking steps to drive profitability and cash flow as we face marketplace headwinds impacting the company’s growth trajectory. We have a clear path forward and are confident we can deliver for our stockholders.”
To that end, Sirius XM Holdings Inc. has appointed Wayne D. Thorsen to serve in the newly created position of Executive Vice President & Chief Operating Officer, effective Dec. 16. Thorsen (pictured) most recently served as EVP & Chief Business Officer of ADT Inc. His previous executive stops include Google, Social Finance, Inc., Viacom, Telefónica Digital, and Microsoft.
Thorsen will report directly to CEO Witz, who said, “Wayne is a seasoned leader who brings significant experience driving business development and innovation, and he is well-positioned to help guide the Company through this next chapter as we sharpen our focus on delivering meaningful results alongside greater efficiency. While at Google, where Wayne led business development for the devices and services division, Wayne was a wonderful partner for SiriusXM, and I look forward to working closely with him to drive SiriusXM forward.”
“As a long-time SiriusXM subscriber myself, I have always admired SiriusXM’s platform and its commitment to providing listeners with unmatched content,” Thorsen said. “It is an honor to join this Company as it enters its next phase. This is an important time for SiriusXM, and strong execution will be critical as the Company implements its new strategy. I’m excited to work alongside Jennifer and the rest of the SiriusXM leadership team to turn the company’s vision into results-driven, efficient action, and capture the opportunity ahead.”
The Company concurrently announced that Joseph Inzerillo has stepped down as Chief Product and Technology Officer, effective immediately, to pursue other opportunities.
