Sirius XM says CEO to step down

Sirius XM Radio Inc said Chief Executive Mel Karmazin will step down on February 1, 2013, after the expiry of his employment agreement.

The satellite radio broadcaster said its board has formed a search committee to consider both internal and external candidates for its next CEO.

(Reporting by Supantha Mukherjee in Bangalore; Editing by Saumyadeb Chakrabarty)