British MSS operator Inmarsat is searching for a new CFO after Rick Medlock announced plans to step down from the role in early 2014.
Medlock is leaving after nine years with Inmarsat to join a private equity-owned business, according to the company’s…
British MSS operator Inmarsat is searching for a new CFO after Rick Medlock announced plans to step down from the role in early 2014.
Medlock is leaving after nine years with Inmarsat to join a private equity-owned business, according to the company’s announcement.
When contacted by SatelliteFinance, he said further details will be announced shortly by the company he is joining.
The departure comes as Inmarsat nears the launch of its next generation Global Xpress constellation, which will mark the first time a commercial operator has used Ka-band frequencies for a global satellite service.
Rupert Pearce, Inmarsat’s CEO, said: “Rick has played an important part in the development of Inmarsat for many years, not least in creating the financial strength which enables the launch of our Inmarsat-5 series of satellites and the delivery of Global Xpress.”
The operator said it expects to make a further announcement regarding its search for a successor “in due course”.
Medlock said: “I have been with Inmarsat for nine years and have hugely enjoyed my time at the company. However, I do believe it is time to move to the next stage of my career. I leave the company both financially and operationally strong at an extremely exciting time in its development.
Inmarsat posted adjusted total revenues up 1% to US$635.2m for the six months to 30 June 2013, compared with the corresponding period last year. Adjusted H1 2013 EBITDA edged up to $327.2m, compared with US$332.1m for H1 2012.
