Loral Space & Communications has promoted general counsel Avi Katz to president following the sale of its satellite manufacturing subsidiary.
Katz will retain his role as general counsel as he replaces former president Michael Targoff, who will also…
Loral Space & Communications has promoted general counsel Avi Katz to president following the sale of its satellite manufacturing subsidiary.
Katz will retain his role as general counsel as he replaces former president Michael Targoff, who will also step down as CEO on 1 January. As vice chairman of Loral’s board, Targoff will continue to have primary responsibility for strategic matters relating to its satellite operator investment Telesat, its ongoing lawsuit with Viasat, and the management of X-band joint venture XTAR.
Targoff said: “Mr Katz has been an integral part of our senior management team for many years and provided not only valuable legal advice but business counsel as well. He has been a dedicated and valued executive, and I am confident that in his new role he will continue to make significant and meaningful contributions.”
Targoff has also announced plans to sell up to 300,000 shares of Loral stock for tax-related personal reasons before leaving as CEO. However, he and his family will continue to own around 500,000 Loral shares.
Loral said it is planning phased departures for other senior executive officers over the next quarter. As part of this, the company has announced the departure of Richard Mastoloni as senior vice president of finance and treasurer. Mastoloni, who will continue to advise the company as a part-time consultant, will be replaced by assistant treasurer John Stack.
The executive moves follow the US$875m sale of its Space Systems Loral (SS/L) unit to Canadian space technology firm MacDonald, Dettwiler and Associates (MDA).
