MediaBuyerPlanner: Hugh Panero, president and CEO of XM Satellite Radio, is stepping down next month, writes Radio Ink.

When the proposed deal between XM and Sirius was first announced, it was said that Panero would remain at his post until the deal closed, at which time Sirius CEO Mel Karmazin would take over as CEO of the combined company and current XM chairman Gary Parsons would remain as chairman.

Nate Davis, current XM president and COO will take over as interim CEO. Davis has been a board member since 1999.

Related stories:

• Sirius, XM Unveil a la Carte Pricing Plans for Post-Merger
• BofA: Sirius-XM Merger Chances Improved
• Bear Stearns Analyst Thinks XM-Sirius Merger Will Pass
• FCC Hears Comments on Sirius-XM Merger
• FCC Invites Comments on Sirius/XM Merger
• NAB Head Personally Urges Karmazin to Drop Merger Plans
• Analyst: XM, Sirius Merger Likely to Pass Regulatory Hurdles