gary-parsons.jpgIn a stunning announcement today, Sirius XM Chairman Gary Parson has stepped down. Gary Parsons, who co-founded XM Satellite Radio, announced his resignation after the market close and shortly after one of the better quarters that satellite radio has seen in recent times was announced. Eddy Hardenstein, a Sirius XM director who is also the publisher and CEO of the Los Angeles Times, will become the company’s non-executive chairman.

Parsons stated, “it’s the right time to step aside...the challenging economic environment, we have begun to generate positive cash flow and have substantially improved our financial condition.”

Gary Parsons contribution to satellite radio can not be denied.