US satellite/terrestrial venture LightSquared has appointed Marc Montagner, a former telco executive and TMT banker, as its new CFO.
Montagner will be responsible for LightSquared’s financial operations at a time when it reportedly requires additional…
US satellite/terrestrial venture LightSquared has appointed Marc Montagner, a former telco executive and TMT banker, as its new CFO.
Montagner will be responsible for LightSquared’s financial operations at a time when it reportedly requires additional funding and is still trying to get regulatory approval for its technology from the FCC.
Montagner had worked previously as executive VP for sales, marketing and strategy at SkyTerra.
He began his career at France Telecom and later held a role as SVP for corporate development and M&A at mobile operator Sprint Nextel.
In the banking world, he worked as a managing director and co-head of the Global Telecom, Media and Technology Merger and Acquisition Group at Banc of America Securities.
He had also worked as a managing director in the Telecom and Media Group at Morgan Stanley.
In a report in December, Reuters cited a LightSquared financial statement saying that there was a need to raise “substantial capital beyond the beginning of the second quarter of 2012” in order for the company to have sufficient liquidity.
LightSquared said in October that it was looking for US$3.5bn over the next two years. A spokeswoman told TelecomFinance today that the company was not disclosing its fundraising calendar.
The company is still waiting for US regulators to decide whether to allow it to operate, after widespread reports that its technology interfered with some GPS receivers.
LightSquared is backed by the New York-based hedge fund Harbinger Capital Partners.
