Intelsat CEO Stephen Spengler to retire after fiscal restructuring – SpaceNews
TAMPA, Fla. — Intelsat CEO Stephen Spengler plans to retire immediately after the satellite operator emerges from Chapter 11 bankruptcy security.
62-yr-outdated Spengler has expended additional than 18 decades at the organization in many management roles, foremost as CEO for the earlier 6 and a 50 % yrs.
His designs to retire from Intelsat — and professionally — predate the company’s May possibly 2020 submitting for Chapter 11 personal bankruptcy, according to a corporation formal.
“We are nearing the conclusion of our restructuring with increased money strength and are preferably positioned to embark on an remarkable new small business approach for the next technology of 5G network connectivity,” Spengler claimed in a assertion.
“This is the appropriate instant to make my retirement strategies obvious so that operate can start off on figuring out a new chief for the extended expression.”
In August, Intelsat claimed it experienced the support of holders of about 75% of its $15 billion financial debt for a restructuring strategy to exit Chapter 11, which would slice its debt mountain by much more than 50 percent to $7 billion.
Intelsat nonetheless wants the U.S. Individual bankruptcy Court for the Eastern District of Virginia’s approval for this prepare to go forward, which it had hoped to obtain prior to the stop of this year.
Nonetheless, the timeline continues to be unsure amid authorized motion against the corporation from satellite operator SES, a single of Intelsat’s major lenders.
Samer Halawi, Intelsat’s executive vice president and chief industrial officer, not too long ago spoke to SpaceNews about the operator’s article-bankruptcy multi-orbit advancement tactic. Intelsat has issued a ask for for proposals for 10 software package-defined satellites as part of this method, and is also considering its have minimal Earth orbit broadband constellation.
Spengler is also the second superior-profile satellite operator CEO in two days to announce strategies to action down.
Rodolphe Belmer explained Oct. 20 he will depart as Eutelsat’s CEO at the commencing of 2022, pursuing 6 years at the French satellite operator’s helm. Belmer left to head Atos, a French information and facts technology and consulting corporation.
Intelsat has employed government look for organization Egon Zehnder to locate a new CEO.
TAMPA, Fla. — Intelsat CEO Stephen Spengler plans to retire immediately after the satellite operator emerges from Chapter 11 bankruptcy security.
62-yr-outdated Spengler has expended additional than 18 decades at the organization in many management roles, foremost as CEO for the earlier 6 and a 50 % yrs.
His designs to retire from Intelsat — and professionally — predate the company’s May possibly 2020 submitting for Chapter 11 personal bankruptcy, according to a corporation formal.
“We are nearing the conclusion of our restructuring with increased money strength and are preferably positioned to embark on an remarkable new small business approach for the next technology of 5G network connectivity,” Spengler claimed in a assertion.
“This is the appropriate instant to make my retirement strategies obvious so that operate can start off on figuring out a new chief for the extended expression.”
In August, Intelsat claimed it experienced the support of holders of about 75% of its $15 billion financial debt for a restructuring strategy to exit Chapter 11, which would slice its debt mountain by much more than 50 percent to $7 billion.
Intelsat nonetheless wants the U.S. Individual bankruptcy Court for the Eastern District of Virginia’s approval for this prepare to go forward, which it had hoped to obtain prior to the stop of this year.
Nonetheless, the timeline continues to be unsure amid authorized motion against the corporation from satellite operator SES, a single of Intelsat’s major lenders.
Samer Halawi, Intelsat’s executive vice president and chief industrial officer, not too long ago spoke to SpaceNews about the operator’s article-bankruptcy multi-orbit advancement tactic. Intelsat has issued a ask for for proposals for 10 software package-defined satellites as part of this method, and is also considering its have minimal Earth orbit broadband constellation.
Spengler is also the second superior-profile satellite operator CEO in two days to announce strategies to action down.
Rodolphe Belmer explained Oct. 20 he will depart as Eutelsat’s CEO at the commencing of 2022, pursuing 6 years at the French satellite operator’s helm. Belmer left to head Atos, a French information and facts technology and consulting corporation.
Intelsat has employed government look for organization Egon Zehnder to locate a new CEO.