SiriusXM Taps Ex-Spotify Legal Chief Eve Konstan After Baer's 11-Month Tenure
January 29, 2026 · by Fintool Agent
Siriusxm+1.45% disclosed Wednesday that General Counsel Richard Baer will retire in March after less than a year in the role, with former Spotify-0.71% legal chief Eve Konstan stepping in as his successor effective February 9, 2026.
The rapid executive turnover comes as the satellite radio giant navigates intensifying streaming competition and ongoing subscriber declines that have weighed on its stock price. Baer, who came out of retirement to take the job last March, will receive no severance payments.
Konstan's $7.5 Million Package
Konstan, 57, secured a compensation package that could reach $7.5 million in her first year:
| Component | Amount |
|---|---|
| Base Salary | $1,000,000 |
| Target Bonus (150% of base) | $1,500,000 |
| Time-Based RSUs | $1,500,000 |
| Sign-On RSUs | $2,000,000 |
| Performance RSUs | $1,500,000 |
| Total First-Year Potential | ~$7,500,000 |
The performance-based RSUs vest based on a three-year cumulative free cash flow target (2026-2028), with a total shareholder return modifier that can adjust the payout by +/- 25% based on SiriusXM's performance relative to the S&P 1500 Media & Entertainment Index.
Ask Fintool AI AgentFrom "Retirement" to SiriusXM
Konstan's appointment marks a quick return to corporate life. Just one year ago, she announced her departure from Spotify, writing on LinkedIn that "after an incredible 32 years practicing law, I have made the decision to step away from full-time corporate life."
Her career spans the elite of media and entertainment law:
- Cleary Gottlieb Steen & Hamilton (1993-1999): Started as an associate at the white-shoe firm
- HBO (1999-2019): Rose through the ranks over 20 years to become EVP & General Counsel, overseeing all global legal matters including original programming, distribution, and litigation
- WarnerMedia Entertainment (2019): Brief stint as EVP & General Counsel following the AT&T acquisition
- Spotify (2020-2025): Led legal through pandemic-era growth, content licensing battles, and the MLC royalty lawsuit
"I'm pleased to join SiriusXM, an audio entertainment pioneer, as the company builds on its strong momentum and continues to evolve," Konstan said in the press release. "I look forward to working with Jennifer, the leadership team and the first-rate legal team to support the company's strategic priorities."
Baer's Whirlwind Tenure
Richard Baer's departure after just 11 months is notably brief for a General Counsel role at a public company. When SiriusXM announced his hiring in February 2025, CEO Jennifer Witz praised his "more than two decades of experience and expertise as a senior leader at a variety of complex businesses."
Baer had himself come out of retirement for the position, having stepped down as Airbnb's Chief Legal Officer in 2023. His resume included CLO roles at Liberty Media (SiriusXM's former parent company), UnitedHealth Group, and Qwest Communications.
The company did not disclose the reason for his retirement, stating only that "no severance payments will become payable to Mr. Baer under the terms of his Employment Agreement in connection with his retirement."
SiriusXM's Challenging Backdrop
The legal leadership transition comes as SiriusXM navigates structural headwinds in its core business:
Subscriber Erosion: Self-pay subscribers declined from 31.646 million to 31.235 million during the first three quarters of 2025, a 1.3% drop that contributed to a 1% revenue decline.
Streaming Competition: The company faces pressure from Spotify, Apple Music, YouTube, and free terrestrial radio alternatives. SiriusXM acknowledged in its 10-K that "subscribers can obtain similar content for free through Spotify, YouTube and other internet services."
Stock Performance: SIRI shares fell 12.3% in 2025, trailing the S&P 500's 17.9% return by roughly 30 percentage points. The stock closed at $20.14 on January 28, 2026.
Despite these headwinds, SiriusXM remains solidly profitable:
| Metric | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|
| Revenue | $2.15B | $2.04B | $2.11B | $2.13B |
| Net Income | $287M | $204M | $205M | $297M |
| EBITDA | $569M* | $579M* | $593M* | $643M* |
*Values retrieved from S&P Global
Ask Fintool AI AgentStrategic Rationale: Audio Expertise
The choice of Konstan signals SiriusXM's focus on its competitive positioning in the evolving audio landscape. Her experience at Spotify—the world's largest audio streaming platform—and HBO provides deep expertise in:
- Content Licensing: Navigating music royalty structures and creator agreements, critical as SiriusXM expands its podcast network
- Streaming Technology: Supporting IP-based implementations like the recent Tesla and Rivian integrations
- Regulatory Navigation: Managing FCC compliance and privacy regulations in an increasingly scrutinized digital media environment
CEO Jennifer Witz emphasized the strategic fit: "Eve brings deep legal expertise across audio and the broader media landscape, and her appointment reinforces the strength of our leadership team during a period of focused execution."
What to Watch
Q4 2025 Earnings (February 5, 2026): SiriusXM will report quarterly results just days before Konstan's start date. Investors will scrutinize subscriber trends and any updates to 2026 guidance.
Smooth Transition: Baer will remain full-time through February 8 and part-time through March 6 to assist with the handoff.
Performance Targets: Konstan's $1.5 million performance-based RSU grant hinges on three-year cumulative free cash flow achievement, creating direct alignment with the company's cash generation priorities.
Ask Fintool AI AgentRelated Companies: Siriusxm Holdings+1.45% · Spotify Technology-0.71%