Financially troubled Iridium loses CEO

Financially troubled Iridium loses CEO
Tom Foremski
The financially troubled US satellite phone communications firm Iridium has lost its CEO just days before its first quarter earnings announcement.
Iridium said that CEO Edward Staiano resigned because of disagreements with the board of directors over strategy. This is the second high level executive departure, with chief financial officer Roy Grant announcing his resignation last month.
The company has had problems in rolling out its commercial services based on a global network of 66 satellites. Production problems in manufacturing phone handsets and some communications gateway problems combined with poor marketing has led the company to default on some financial agreements.
Iridium says it will announce its fiscal first quarter financial results on Monday and update investors on its plans. The company has already been served with one lawsuit based on its slumping stock price.


Leave a Reply

Your email address will not be published. Required fields are marked *

*