Intelsat appoints Wajsgras as CEO
March 8, 2022
By Chris Forrester
Intelsat has chosen a former Raytheon executive, David Wajsgras, as its new CEO. He will replace Steven Spengler who will step down in the next few weeks after seven years at the helm.
Wajsgras will officially take over on April 4th. He inherits a business in significantly better shape than it was two years ago. Intelsat has exited its Chapter 11 bankruptcy reconstruction. It has cut its debt obligations by around 50 per cent (from $16 billion [€14.7bn] to nearer $7 billion), and at the end of next year will receive a massive C-band ‘incentive’ payment from the FCC of close to $4 billion.
Wajsgras is currently a partner at private equity firm Pine Island Capital Partners, which invests in the US and Canada in aerospace and defence markets including cybersecurity and infrastructure. He joined Raytheon in 2006 and left in 2020.
“While the company has made history over nearly 60 years, it’s Intelsat’s future that excites me most,” commented Wajsgras.