Former XM Satellite Radio CEO Joins NEA

Hugh Panero, co-founder and former CEO of XM Satellite Radio, has joined New Enterprise Associates as a venture partner. He will focus on consumer technology opportunities.

PRESS RELEASE

New Enterprise Associates, Inc. (NEA), a leading global venture capital firm, today announced that Hugh Panero, co-founder and former CEO of XM Satellite Radio, has joined the firm as a Venture Partner. Mr. Panero brings more than 25 years of new media experience in content, finance, operations, distribution and marketing to this new role and will work closely with NEA’s consumer technology team.

“Hugh is a proven company builder who has consistently demonstrated an ability to scale technology concepts to create high-growth media businesses,” said Peter J. Barris, Managing General Partner of NEA. “His wealth of expertise in building media businesses from concepts to consumer acceptance makes him an outstanding addition to our consumer technology team, and NEA is very pleased to welcome him to the firm.”

Mr. Panero co-founded XM Satellite Radio in 1998 and served as its Chief Executive Officer until August 2007 (XM merged with SIRIUS Satellite Radio in 2008). During his tenure at XM, the company became America’s number-one satellite radio service with more than 9.3 million subscribers and grew from a concept into one of the fastest-growing new technologies ever, outpacing the growth of wireless phones and cable television. Mr. Panero was named one of the best CEOs in America by Institutional Investor in January 2006. Under his stewardship, XM was named “Product of the Year” by Fortune magazine and an “Invention of the Year” by Time. Billboard magazine named him one of 20 “power players” in the digital entertainment industry for 2005.

“Recognizing that consumer demand is increasingly driving technology innovation, NEA has applied its core strengths in electronics, financial services and other sectors to build a premier franchise in the consumer technology space,” said Mr. Panero. “I look forward to working with the team to identify and build truly best-of-breed companies in this rapidly evolving sector.”

Mr. Panero started his career as a journalist and over his 25-year media career has held various executive positions building subscription, on-demand and advertiser-supported entertainment distribution businesses. From 1993 until joining XM in 1998, he served as President and CEO of Request Television, a pay-per-view network owned by TCI’s Liberty Media and Twentieth Century Fox. Prior to that he spent 10 years at Time Warner Cable of New York City, where he helped build and grow the world’s largest cable system. Mr. Panero received a bachelor’s degree in Government and Sociology from Clark University and has a master’s degree in Business Administration from Baruch College.

About NEA

New Enterprise Associates, Inc. (NEA) is a leading venture capital firm focused on helping entrepreneurs create and build major new enterprises that use technology to improve the way we live, work and play. Since its founding in 1978, the firm has followed the same core principles: supporting its entrepreneurs, providing an excellent return to its limited partners, and practicing its profession with the highest standards and respect. Through its affiliated funds, NEA focuses on investments at all stages of a company’s development, from seed stage through IPO. With approximately $8.5 billion in committed capital, NEA’s experienced management team has invested in over 650 companies, of which more than 160 have gone public and more than 240 have been acquired. NEA has U.S. offices in Chevy Chase, Maryland; Menlo Park, California; and Baltimore, Maryland. In addition, New Enterprise Associates (India) Pvt. Ltd. has an office in Bangalore, India and New Enterprise Associates (Beijing), Ltd. has offices in Beijing and Shanghai, China. For additional information, visit http://www.nea.com.