Inmarsat CFO to step down

Inmarsat CFO to step down

Rick Medlock, CFO at satellite operator Inmarsat, is to resign from his position in early 2014.

Medlock has led the company’s finance sector since 2004 and leaves the role to join a private, equity-owned business.

“I have been with Inmarsat for nine years and have hugely enjoyed my time at the company,” Medlock said in a statement.

“I leave the company both financially and operationally strong, at an extremely exciting time in its development. I am very confident that Inmarsat will continue to deliver value for shareholders and customers alike,” he added.

The board of directors is reportedly in the process of appointing a successor and Medlock will remain at the company until a suitable applicant is chosen, to ensure a smooth transition.

"Rick has been a valued member of the management team and has made a huge contribution to the success of the business. On behalf of the Board, I would like to thank him for his work over many years and wish him every success in the future," Andy Sukawaty, chairman at Inmarsat, said.

Inmarsat recently struck a deal with Telecom NZ for the management of its Global Xpress network.

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