In another development relating to the Sirius-XM merger, Hugh Panero, the CEO and co-founder of XM Satellite Radio, announced plans to resign effective next month. As part of the companies’ merger announcement last February, officials had disclosed that current Sirius CEO Mel Karmazin would serve as CEO of the combined entity, with XM Chairman Gary Parsons to continue in his current capacity. Although Panero had planned initially to leave XM after the companies combine, an XM spokesman confirmed that “with the anticipated close of the merger late this year, [Panero] decided this was a good time for him to step aside.” Upon Panero’s departure, and until Karmazin assumes his duties as CEO of the post-merger company, XM President and COO Nate Davis will step in as interim CEO. Recalling XM’s humble beginnings in a Washington, DC basement with six employees, an FCC satellite radio license, and a presentation explaining “how we were going to change radio,” Panero, in a departure memo to employees, promised to remain satellite radio’s “biggest fan.”