Washington - With his company battling for regulatory approval of its proposed merger with rival Sirius, Hugh Panero will resign as the CEO of XM Satellite Radio effective Aug. 10, the company said late Tuesday.

Panero, who earlier had said that he would step down once the merger gained approval, will be replaced by Nate Davis, currently XM's president and COO.

Davis' reign, however, could be brief, since Sirius CEO Mel Karmazin already has been tabbed to become CEO of the combined company. "

Hugh took satellite radio from a concept and turned it into the popular, mass market, consumer entertainment product it is today," said Gary Parsons, the chairman of XM.

The merger, announced in February, is currently being reviewed by both the FCC and Justice Department.

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