Intelsat's Stephen Spengler to retire as CEO
Intelsat S.A. (Intelsat) confirms that its chief executive officer Stephen Spengler is to retire.
Spengler has decided to retire as CEO upon the company’s emergence from its financial restructuring process and the naming of a successor.
“We are nearing the conclusion of our restructuring with enhanced financial strength and are ideally positioned to embark on an exciting new business strategy for the next generation of 5G network connectivity,” said Spengler.
“This is the right moment to make my retirement plans clear so that work can begin on identifying a new leader for the long term.”
In the interim, Spengler will continue to serve as CEO and lead Intelsat through the final stages of its restructuring process, to ensure a smooth transition.
Executive search firm Egon Zehnder has been instructed to lead the search process for the company's new CEO.
“Steve has served Intelsat for more than 18 years in various senior leadership capacities and as CEO for the last six and a half years," added Dave McGlade, chairman of the board.
"His deep understanding of our customers’ needs resulted in many years of commercial success. His steadfast stewardship of the company as we undertook our financial restructuring has also been commendable. He has helped build the foundation for a strong future, and we are grateful.”
In related news, August saw Intelsat confirm it has gained support from key creditor groups on the terms of an extensive financial restructuring that would its debt by more than half, from almost $15 billion to $7 billion.
The company says its reorganisation plan, filed as part of its Chapter 11 proceedings pending before a US bankruptcy court in Virginia, will position it for long-term success and has the backing of holders of $11 billion – or nearly 75% – of its funded debt.
Intelsat isn't the only satellite company undergoing changes, Eutelsat’s CEO, Rodolphe Belmer, is to leave the company to take over as CEO of Atos.