XM raises CEO, chairman salaries

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SAN FRANCISCO -- XM Satellite Radio Holdings Inc., which is being bought by former rival Sirius Satellite Radio, said Tuesday its chief executive will receive three times his annual salary and bonus if he is terminated or leaves the company.

XM said in a filing with U.S. securities regulators that it will also raise CEO Hugh Panero's salary by nearly 8%, to $700,000, for the year through March 2008.

The company also gave a pay raise of about 10.5% to its chairman, Gary Parsons, who will receive $525,000 for the year through March 2008.

Sirius said in February it planned to buy XM in a stock deal worth more than $4 billion. The companies have said that Parsons will be chairman of the merged companies, while Panero will continue in his role until the deal closes.
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