LightSquared CEO resigns

News Wireless United States 29 FEB 2012
LightSquared CEO resigns
LightSquared announced that Sanjiv Ahuja has resigned as CEO of the company. He will continue to serve as chairman of the board. Doug Smith, currently chief network officer, and Marc Montagner, currently chief financial officer, will be named as interim co-chief operating officers, while the company completes the search for a new CEO. In addition, Philip A. Falcone, CEO and CIO of shareholder Harbinger Capital Partners, has been appointed to the company's board of directors. The CEO search is expected to be completed in the near future, LightSquared said. The company reiterated its commitment to resolving the regulatory opposition to its network. Ahuja's resignation follows the FCC withdrawing approval for the mobile network due to interference with GPS devices. Falcone noted that the company is also taking an "aggressive approach to its finances", to ensure it can continue operations while it works through the regulatory issues. Inmarsat recently announced that LightSquared missed a milestone payment in their spectrum agreement. The companies are negotiating still on the milestone timing, LightSquared said.

Categories:

Mobile

Companies:

FCC,  Inmarsat,  Harbinger,  LightSquared

Countries:

United States

Tags:

Wireless, Financial funding, Officers & directors

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