The Direct TV Group announces the resignation of John C. Malone, who for years had served as Board Chairman of the satellite TV operator Direct TV Inc.

Direct TV CEO and President Michael D. White was elected in his place as Chairman of the Board of Directors.

The move was to satisfy the Federal Communications Commission (FCC), who had previously expressed concern about the overlapping influence Malone has between Liberty Global and Direct TV in Puerto Rico. Direct TV placed a small Puerto Rico operation in an ownership trust last 2009, but it wasn’t enough to satisfy FCC concerns. In the end, Direct TV had to arrange with Malone a stock swap arrangement which was announced earlier this year.

Under the terms of the stock swap arrangement, Malone exchanged his 21,809,863 Class B common stock shares for 26,547,624 Class A common stock shares of the company. This will result in Malone’s approximately 24.3% voting interest to be reduced to approximately 3%. Also as part of the agreements, Board Members Paul A. Gould and Gregory B. Maffei also resigned. The transaction was completed after receiving required regulatory approval from the Federal Communications Commission (FCC).

About Direct TV

Direct TV is a Direct Broadcast Satellite (DBS) service provider in the United States based in El Segundo, California. Direct TV is owned by the Direct TV Group, which is controlled through majority shares by the Liberty Media Group.

As the leader in satellite TV deals and digital programming, DirecTV serves about 18 million households in the US and many parts around in the world. Its satellite TV offers access to hundreds of channels, including high definition ones from local and international stations, broadcast networks, subscription-based providers, and private video providers.