Photo credit: SiriusXM / Tubi(L-R) Jennifer Witz and Anjali Sud
Jennifer Witz is stepping down as CEO of SiriusXM after almost two and a half decades at the company.
Anjali Sud, CEO of Fox-owned streaming service Tubi, will succeed her on January 1, 2027, SiriusXM announced on Monday (November 9).
Witz said in a statement that “now is the time for a transition.”
Witz will remain at the company in an advisory role until the end of 2027.
Sud has served as an independent director on SiriusXM’s board since March 2025 and will remain a director once she becomes CEO.
She has led Tubi since September 2023, during which time its audience grew to more than 110 million monthly active users, according to SiriusXM.
“Anjali has built some of the most successful consumer entertainment platforms,” said SiriusXM Chairman Greg Maffei. “In her previous roles, she scaled audiences, expanded platforms, and led businesses supported by both advertising and subscription models.
“As a member of our Board, she has intimate knowledge of our business and strategy. With her digital media experience, CEO-level success, and Board perspective, we are confident Anjali will hit the ground running and build on our momentum as we continue to execute against our objectives. We believe she will be an outstanding CEO for SiriusXM.”
“With her digital media experience, CEO-level success, and Board perspective, we are confident Anjali will hit the ground running and build on our momentum as we continue to execute against our objectives.”
Greg Maffei, SiriusXM
“I am honored to lead SiriusXM in its next chapter,” said Sud. “Premium audio experiences will be more important than ever to the future of entertainment, and I believe SiriusXM can evolve to lead that future. Since joining the Board, I have gained a deeper appreciation for the Company’s strengths and potential. I look forward to working with the team to execute with ambition and expand value for our subscribers, advertisers, artists, creators, talent, partners, and shareholders.”
“Jennifer has made extraordinary contributions to SiriusXM over her 25-year career, including nearly six years as CEO,” added Maffei. “Her efforts include expanding in-car penetration and 360L rollouts, solidifying its premium, content-led subscription business with record-high customer satisfaction and record-low churn, securing an exclusive advertising partnership with YouTube, and building one of the nation’s leading podcast networks.
“SiriusXM is now generating its best core financial metrics in years, returning to revenue growth and generating near-record levels of free cash flow. Jennifer is leaving SiriusXM with a strong foundation, and we are grateful for her leadership.”
“Leading SiriusXM has been the most meaningful experience of my career,” said Witz. “I am particularly proud of what our team has accomplished in strengthening the subscriber experience, expanding our advertising business, and unlocking greater value across our broader portfolio.
“I am particularly proud of what our team has accomplished in strengthening the subscriber experience, expanding our advertising business, and unlocking greater value across our broader portfolio.”
Jennifer Witz, SiriusXM
“I firmly believe that SiriusXM is on a strong path and that now is the time for a transition. Anjali brings the perspective, leadership, and understanding of the business needed to guide the Company forward. While I will be leaving my role as CEO, I’ll remain a lifelong subscriber and supporter of SiriusXM.”
SiriusXM disclosed the terms of Sud’s employment agreement in an 8-K filing with the US Securities and Exchange Commission on November 9.
Sud will receive an annual base salary of USD $2.6 million and will be eligible for an annual bonus with a target of twice that amount.
Her bonus for 2027 will pay out at no less than target, according to the filing.
Subject to approval by the board or its Compensation Committee, she will also receive a sign-on award of time-based restricted stock units (RSUs) with a grant date fair value of $10 million.
That award vests in three equal parts: on the grant date and on the first and second anniversaries of her January 1 start date.
Subject to the same approval, she will get a further $4.5 million in time-based RSUs, plus performance-based RSUs with a target grant date fair value of $4.5 million.
Combined, her 2027 base salary, target bonus, and initial equity awards come to $26.8 million, by MBW‘s calculation, with the bonus and performance-based award counted at target.
Her annual equity awards for 2028 and 2029 will each have a grant date fair value of no less than $9 million.
Her initial term runs until December 31, 2029, with automatic one-year renewals unless either side gives notice.
Witz, meanwhile, will also leave SiriusXM’s board at the end of 2026, according to the same filing.
Under a transition agreement, she will be paid a consulting fee of $175,000 per month for her advisory role from January 1 to December 31, 2027, as long as she continues to provide services.
That equates to $2.1 million over the full year, by MBW‘s calculation.
SiriusXMnamed Witz as its next CEO in September 2020, when then-CEO Jim Meyer announced his plan to retire at the end of that year.
At that point, Witz had been with the company for more than 18 years and was serving as President, Sales, Marketing and Operations.
The company’s consolidated revenues dipped to $2.153 billion in the quarter, from $2.159 billion a year earlier, after rising 1% YoY to $2.16 billion in Q2. Net income rose 7% YoY to $317 million in Q3.
SiriusXM also raised its full-year 2026 guidance for the second quarter in a row and now expects revenues of approximately $8.55 billion, roughly level with the $8.56 billion it reported for 2025.
The SiriusXM service posted around 5,000 net self-pay subscriber additions in Q3, ending September with 32.85 million total subscribers.
Pandora‘s monthly active user base fell by 2.75 million YoY to 38.81 million at the end of September.
The YouTube deal cited by Maffei was announced in April and made SiriusXM Media the exclusive advertising representative for YouTube’s audio ad inventory in the US.
Those discussions with iHeartMedia later stalled, according to a New York Times DealBook report published in late May.
Sud‘s appointment comes days after Fox Corporation completed its acquisition of Roku on Friday (November 6).
Fox has grouped Tubi, Roku, FOX One, and other digital businesses into a division named FOX Digital Platforms, led by Co-Chair and CEO Paul Cheesbrough and Co-Chair Anthony Wood, Roku’s founder.
According to Adweek, which cited a staff memo sent on Friday, Tubi’s leadership team will now report to Mike Bidgoli, who is taking over day-to-day leadership of the service as its president.
Bidgoli will report to Pete Distad, CEO of Fox’s direct-to-consumer business.
The report added that Sud will help with the transition at Tubi through the end of the year.
Before joining Tubi, Sud was CEO of video platform Vimeo from July 2017 to August 2023.
SiriusXM‘s announcement credits her with taking Vimeo public and growing it into a global video platform with 300 million users.
She has also held roles at Amazon and Time Warner and sits on the boards of Dolby Laboratories and Change.org.
SiriusXM says it reaches approximately 255 million monthly listeners across its platforms, which include its flagship subscription service, Pandora, its podcast network, and its advertising businesses SiriusXM Media and AdsWizz.Music Business Worldwide
