Intelsat’s CEO Steve Spengler is to step down, just hours after Eutelsat’s Belmer announced his move.
Spengler will retire once Intelsat emerges from its Chapter 11 bankruptcy. “Until that time, Spengler will continue as CEO and lead Intelsat through the final stages of this process, ensuring a smooth transition,” said a company statement. A search has begun for his 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,” Spengler said. “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.”
Dave McGlade, Chairman of the Board – and who remains under the cloud of alleged insider trading – said: “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. 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.”
By the end of Q1 next year, only Steve Collar, CEO at SES, will remain of the former ‘Big Three’ industry leaders.