• The Wall Street Journal, Wednesday, July 1, 2009 10:18 PM

Sirius XM Satellite Radio gave CEO Mel Karmazin a pay increase, extended the term of his contract to 2012, and awarded him new options, indicating the board's approval of his work. Karmazin's new salary is $1.5 million a year.

The CEO steered the company through the acquisition of rival XM and earlier this year, landed a $530 million loan from Liberty Media. In addition, the company, while still unprofitable, is increasing its cash flow and profitability on an operations basis.

On the other hand, Sirius XM reported its first-ever loss of subscribers in the quarter ended March 31. Its stock price, while up from lows below 10 cents earlier this year, is still well below the $2 range where it traded a year ago.

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