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Intelsat execs benefit from KEIP

June 18, 2021

By Chris Forrester

Intelsat’s senior executives continue to benefit from the company’s Key Employee Incentive Plan (KEIP) which means that CEO Stephen Spengler is still paid $130,555 per month.

Spengler has received more than $8 million since Chapter 11 was declared according to Intelsat’s monthly report and summary documents filed with Intelsat’s Chapter 11 bankruptcy reconstruction court on June 15th. The payment covered a single month (April 2021).

The data covered Intelsat and some 34 other related subsidiary and sister businesses. Intelsat continues to trade under Debtor in Possession rules.

Other senior staff, such as CFO David Tolley, also enjoy high salaries. Tolley is paid $85,251 per month. Bruno Fromont, a senior VP and responsible for strategy and planning, received $49,924 per month according to the April data.

The generous payments extends to Intelsat’s current chairman (and former CEO) Dave McGlade who is paid $87,525 per month despite being accused of alleged insider dealing in Intelsat shares.

Payments made to Intelsat’s legal and professional advisors which are handling its bankruptcy totalled $26.3 million (and cumulatively $144 million). Another $36 million went to office rents and leases and various borrowing interest payments.

As to Intelsat’s trading during April the documents show revenues of $131.9 million, and expenditure of $208.4 million.

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