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Margolese Steps Down as Sirius CEO
New York - Oct 16, 2001 - Sirius Satellite Radio, the satellite radio broadcaster, announced that David Margolese has stepped down as chief executive officer. The duties of chief executive officer will be assumed, on an interim basis, by an office of the chief executive consisting of John J. Scelfo, senior vice president and chief financial officer, and Patrick L. Donnelly, senior vice president and general counsel. Margolese will remain as non-executive chairman of the board of directors of Sirius.
Sirius also announced today that at the end of this month it will expand in-vehicle testing of its service to six additional markets. This vehicle testing is designed to complete the evaluation of all aspects of the company's product and transmission, distribution and system capabilities, including retail sales support, installation, subscriber management and billing, customer service and communications. This phase is the final element of Sirius' comprehensive test program, after which the company expects to determine its commercial launch date, which had previously been scheduled for year-end. Sirius will update investors on the status of its commercial launch on a public conference call on Wednesday, November 14th. Conference call details will be announced separately.
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