Change seems to be the one constant at Sirius Satellite Radio [Nasdaq: SIRI]. The New York-based satellite radio services provider is searching for a new chief financial officer, planning to roll out next-generation satellite receivers in the second quarter and trying to lift its weak stock price with a reverse stock split.

The most unexpected of the changes was the departure of Sirius’ CFO John Scelfo, whose last day is April 6. Scelfo played a leading role in arranging the $1.2 billion recapitalization that Sirius completed earlier this month.

“Now that the recapitalization is complete and the company’s balance sheet is strong, it’s a good time for me to pursue an opportunity that arose,” Scelfo said.

Scelfo is leaving Sirius on “more stable financial footing” with a management that is focused on execution, according to a March 24 research note by Marc Nabi, a satellite and broadcasting analyst at Merrill Lynch.

SpencerStuart has been engaged by Sirius to lead the search for a new CFO who has extensive experience in public company operations to support rapid growth and cost controls, Sirius officials said.

Scelfo’s exit will not affect the company’s plans to release its audited 10-K by March 31, said Jim Collins, Sirius’ vice president of corporate communications.

Despite Merrill Lynch maintaining its “sell” recommendations on Sirius, the company is moving ahead with plans to introduce plug-and-play Kenwood and Audiovox receivers during the second quarter that should help it compete for consumers with rival XM Satellite Radio [Nasdaq: XMSR], of Washington, D.C.

As many as five types of plug-and-play units could be offered for sale by Sirius partners as other consumer electronics manufacturers unveil new receivers of their own, Collins said.

Sirius officials declined to comment on speculation by Nabi that slippage in Sirius’ stock price below $1 a share ultimately would spur a reverse stock split. Companies trading on Nasdaq and the New York Stock Exchange (NYSE) have requirements to keep the value of their shares from essentially becoming penny stocks. A low price also causes major fluctuations in the percentage rise and fall of a stock during each day of trading. For example, Sirius’ stock price rose only 9 cents a share last Tuesday to close at 63 cents a share but still jumped in value by 17.76 percent that day.

Loral Space and Communications [LOR] is one satellite company with a low stock price that is seeking shareholder approval for a reverse stock split. Such a proposal will be voted upon at Loral’s May 29 annual meeting to restore the company’s compliance with NYSE share price requirements.

–Paul Dykewicz

(Jim Collins, Sirius, 212/901-6422, Marc Nabi, Merrill Lynch, 212/449-2468)