Summary by Moomoo AI
Sirius XM Holdings Inc. has announced that Joseph A. Verbrugge, the company's Chief Commercial Officer, is set to retire on June 27, 2024, coinciding with the expiration of his current Employment Agreement with subsidiary Sirius XM Radio Inc. To ensure a smooth transition, Verbrugge has agreed to continue in his role full-time until July 31, 2024, with the possibility of an earlier termination at the company's discretion. Following this period, he will serve as a part-time employee and advisor to the CEO until the end of 2024. During his extended tenure, Verbrugge will retain his annual salary, benefits, and eligibility for a pro-rated 2024 annual bonus. No severance benefits will be provided upon retirement, except if his employment is terminated without cause before July 31, 2024, in which case he will receive his base salary up to that date.