CHEVY CHASE, Md., Nov. 6 /PRNewswire/ - 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
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
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.
SOURCE New Enterprise Associates, Inc.