SiriusXM restructures
December 10, 2024

SiriusXM has appointed a new chief operating officer and laid out a new strategic vision with a greater focus on cost cuts and on its car subscription business.
The company will target an initial saving of $200 million (€190.2m) a year, according to a press release, after delivering about $350 million of run rate savings in 2023 and 2024.
“At SiriusXM, we are focusing on the strengths that set us apart – including our strong core subscriber base, our unique position in vehicle, and our unrivalled, curated content — and taking steps to drive profitability and cash flow as we face marketplace headwinds impacting the company’s growth trajectory,” said Jennifer Witz, CEO of SiriusXM.
Wayne D. Thorsen, former Executive Vice President and Chief Business Officer at ADT, has been appointed in the new role of executive vice president and chief operating officer, to oversee some of these efforts.
The company will also move its marketing and other resources away from “high-cost, high-churn audiences in streaming” to its “core revenue-generating segments,” namely its in-car subscribers.
“As 90 per cent of SiriusXM’s subscribers have the service embedded in-car today, the company is focusing its resources on increasing retention and capturing additional growth opportunities within this valuable segment that underpins its scaled subscriber base,” the company states. This comes after the company launched a streaming app in December 2023, for listening in and outside of the car, in what was seen as a service to rival Spotify.
Joseph Inzerillo has stepped down from his role as chief product and technology officer, effective immediately, to pursue other opportunities.
The company delivered updated 2025 guidance of revenue of $8.5 billion and adjusted EBITDA of $2.6 billion, below its 2024 revenue guidance of $8.675 billion and adjusted EBITDA of approximately $2.7 billion.