Iridium Communications has named Thomas Fitzpatrick as its new chief financial officer and executive vice president. The previous incumbent, Eric Morrison, has subsequently moved to the new position of senior vice president, Iridium NEXT Financing and…
Iridium Communications has named Thomas Fitzpatrick as its new chief financial officer and executive vice president. The previous incumbent, Eric Morrison, has subsequently moved to the new position of senior vice president, Iridium NEXT Financing and Planning.
Fitzpatrick was formerly the CFO of Centennial Communications Corporation from 2002 to 2009. During his tenure, Centennial raised more than US$2bn in senior and high-yield debt, and his management of Wall Street relationships facilitated a substantial increase in public ownership of the company. Fitzpatrick also played a key role in AT&T’s US$2.7bn acquisition of Centennial in November 2009.
Prior to Centennial, Fitzpatrick was CFO of internet procurement services provider ICG Commerce from 2001 until 2002. He has also held senior financial positions at broadband services provider Digital Access and telco Bell Atlantic Corporation (now Verizon).
Matt Desch, Iridium CEO, commented: “Tom Fitzpatrick is a seasoned CFO who brings to Iridium a strong track record of experience leading finance and accounting organisations in public telecom companies. His experience in the financial management of a public telecom operator is particularly relevant, as is his understanding of capital markets and experience interacting with investors.”
Morrison has served as CFO of Iridium Communications Inc. since Iridium Holdings concluded its transaction with GHL Acquisition in September 2009. He was appointed CFO of Iridium Holdings in 2006. Desch hinted that the reason Morrison was no longer CFO was connected to his not wanting to relocate.
Desch said: “Now that we are a public company, the CFO role needs to move into our headquarters location, and while I appreciate that wasn’t possible for Eric and his family, our team is glad that he will be continuing on in this pivotal role, based in our satellite and ground operations centre in Tempe, Arizona.”
Morrison will be responsible for the financial management and planning of Iridium NEXT. As Iridium intends to complete its financing activities this summer, he will help Iridium’s transition into the development and project management phase of the new constellation, currently planned to begin launching in late 2014.
(subhead) Brings in satellite imaging veteran
Iridium has also looked to further bulk up its executive team for its next generation constellation by appointing Scott Smith as executive vice president for Iridium NEXT. Iridium made the move after Lee Demitry, the current EVP, announced his resignation.
Smith joins Iridium from DigitalGlobe where he has served as chief operating officer since 2005. During his time with the remote sensing firm, Smith led the development and operations for WorldView-1 and WorldView-2, launched in 2007 and 2009 respectively.
Prior to DigitalGlobe, from 1995 until 2005, Smith was a founder and served as executive vice president, sales, engineering and operations of Space Imaging Inc., which owned and operated the IKONOS satellite. Space Imaging was acquired by ORBIMAGE to form GeoEye in late 2005.
Demitry is to return to his own consulting practice.
New CFO at Norsat
The Canadian broadband solutions provider Norsat International has appointed Trevor Greene as chief financial officer. He replaces former CFO Eugene Syho with immediate effect.
Greene has worked as a charted accountant for Ernst & Young since 2005, where his primary focus has been the Canadian and US mining and technology industries.
He has a long history of working within complex regulatory environments, and has previously held positions in shipping and manufacturing companies.
Malone resigns as DirecTV chairman
John Malone is to step down as chairman of DTH provider DirecTV as part of the recapitalisation transaction that will eliminate the high-vote stock currently held by Malone and his family.
The agreement will also see two other DirecTV board members, Liberty president and CEO Greg Maffei and Liberty board member Paul Gould, depart. Their replacements have yet to be named.
For more details on the DirecTV recapitalization see Americas Services section.
One more new face on IDC Board
International Datacasting Corp (IDC) has continued the renewal of its Board of Directors, following on from the recent replacement of its chairman, president and CEO.
David Little is the latest new addition to the IDC Board. He is a partner with the leading Canadian business law firm Fraser Milner Casgrain LLP.
Little’s position as co-chair of his firm’s Tech Companies/Capital Ventures Group highlights his value to IDC, for whom he has provided 11 years’ of legal counsel.
During this time, Little has advised on all of IDC’s financing and acquisition activity.
The IDC Board now consists of Adam Adamou as chairman, Fred Godard as president & CEO, Frank Ruffolo, Del Lippert and David Little.
Gilat appoints maritime veteran
The Gilat subsidiary and broadband network solutions provider Spacenet has appointed David Kagan as senior vice president of Business Development.
Prior to joining Spacenet, Kagan was President and CEO of Maritime Telecommunications Networks, where he worked for 12 years and through five ownership changes.
Kagan also served as vice president of fnance and treasurer for the maritime company Norwegian Cruise Line Ltd, where he led a US$1bn long-term debt refinancing.
“This is an exciting time to join Spacenet,” said Kagan. “I’m especially excited about Spacenet’s new focus on the US government market through its recently formed division, Spacenet Integrated Government Solutions (SIGS), and look forward to applying my business and management expertise to help Spacenet’s long-term growth strategies and continued success.”
