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Sirius Execs Get Seriously Paid, According to Filings

The salaries of newly appointed Sirius XM Radio executives were revealed today by the company in a filing with the Securities and Exchange Commission.

Dara F. Altman, Sirius' chief administrative office and an executive vice president, will get $446,332 for each year of her three-year contract. The 50-year-old former XM executive and Discovery Communications veteran will also be eligible for annual bonuses.

If she is fired or leaves "with good cause," Altman will receive a golden parachute of two years worth of salary -- or, $892,664 -- plus the higher of her last two bonuses.

James Rhyu, the former controller for XM, was appointed following the merger of XM and Sirius as the new company's chief accounting officer. Rhyu, 38, will receive an annual base salary of $325,000. He, like Altman, signed a three-year contract and is eligible for annual bonuses. If Rhyu is fired before July 27, 2009 or leaves with good cause, he'll get two years of his base salary and a target bonus in a lump sum payment. That's $650,000 -- at least.

The disclosures of executive pay, required by the SEC, come amid questions about XM's ability to pay off or refinance its $1.1 billion in debt due next year amid the credit crisis. Prospects for weak consumer interest in buying new radio receivers and poor sales of cars equipped with the satellite radio devices has pushed the company's stock down to startlingly low levels. Shares were at 65 cents, about 16 percent of its one-year high of $3.94.

By Cecilia Kang  |  October 1, 2008; 5:36 PM ET  | Category:  Cecilia Kang
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Comments

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Sirius stock trading at .67 and Sirius' Board decides to throw more money at the same executives that got us here in the first place.

This makes as much sense as bailing out the banks.

I'm convinced everyone at the top at Sirius is a seriously over paid failure.

- A pissed off sirius stock holder

Posted by: Gone Crazy | October 1, 2008 8:14 PM

Someone should ask ole Jimmy to start explaining some of his pre-merger expenses.

That he hasn't been fired is a crime - a real crime.

Send him e-mails and ask about what he personally billed to the company.

Posted by: Disgusted | October 1, 2008 9:42 PM

shouldnt people be paid well when there company does well? i dont think 0.67 cents a share is what you would call doing well

Posted by: sirius stock man | October 2, 2008 2:20 AM

These salaries are obscene; I'm sure Mel's cost cutting measures won't affect any of these executives pay and extravagant lifestyles! Just another reason why this company is in crisis mode. Does anybody at Sirius/XM really give a damn about the subscribers and shareholders?

Posted by: Steve | October 2, 2008 8:36 AM

Two of the most wothless "executives" for the old XM now getting huge salaries relative to their contributions. This merged entity deserves everything it gets, and then some.

Ms. Altman and Mr. Rhyu should have been terminated, but in the continuing culture of rewarding poor execution they get rewarded.

I am curious to know what the poster means about Mr. Rhyu's expenses.

Posted by: This is a shame | October 2, 2008 9:29 AM

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