XM Satellite Radio boss Hugh Panero has resigned from the board of Internet phone company Vonage, just seven months after joining.
Vonage says Panero quit Aug. 18. The company has no plans to replace him. It cites “the demands of his role at XM” for his decision to resign.
Panero joined the Vonage board in January, four months before the company went public raising $531 million. Vonage shares (NYSE: VG) have plunged more than 60 percent since its IPO, prompting more than a half dozen shareholder lawsuits accusing the company of misleading investors.
Panero, a former Time Warner (NYSE: TWX) marketing executive, was named chief executive at XM Satellite (NASDAQ: XMSR) in 1998, a little more than a year before XM went public.
XM has twice this year lowered its forecast for subscriber growth. It is currently dealing with the Federal Communications Commission on compliance issues regarding some of its portable radios.
In the meen time Sirius Satellite Radio “buy,” estimates raised
Analysts at Stifel Nicolaus & Company maintain their “buy” rating on Sirius Satellite Radio Inc (SIRI.NAS), while raising their estimates for the company. The target price is set to $6
In a research note published this morning, the analysts mention that Ford has announced that it would cut its 4Q06 production by 21%, which is likely to adversely impact Sirius Satellite Radio’s performance. The analysts believe that markets concerns about pending churn are overdone. Stifel Nicolaus & Company expresses its optimism regarding Sirius Satellite Radio meeting its long-term guidance, as car makers ramp up their installation rates towards the end of the decade. The EPS estimates for 2006 and 2007 have been reduced from -$0.85 to -$0.84 and from -$0.41 to -$0.40, respectively.
