Market Overview

Globalstar Announces Appointment of Dave Kagan to CEO

Share:

Globalstar today announced the promotions of Dave Kagan to the position
of CEO and Jay Monroe to Executive Chairman of the Board of Directors.
In keeping with the strategy the Company previously disclosed in
connection with the intended merger, the promotions separate management
of Globalstar's satellite operations and spectrum-related activities,
with responsibility for all satellite operations under the CEO. The
promotion of Mr. Kagan advances this strategy and he will oversee and
drive all activities related to the Company's satellite business. Mr.
Monroe, as Executive Chairman, will be responsible for strategic
financing efforts and liquidity matters, other than the Company's senior
credit facility which will be the responsibility of Mr. Kagan. In
addition, Mr. Monroe will have primary responsibility for all strategic
terrestrial spectrum-related activities on a global basis, including the
Company's ongoing efforts to standardize and monetize its terrestrial
spectrum assets.

Mr. Kagan commented, "I'm incredibly excited about assuming the CEO role
and know our team will drive increasing profitability for our
stakeholders. We have numerous new IoT and other product offerings in
our pipeline which I believe can dramatically enhance Globalstar's
future value while tapping into new innovative uses for our satellite
assets."

Jay Monroe stated, "Since the original Thermo investment was made many
years ago, I have devoted myself entirely to all areas of Globalstar's
business. As the fundamental drivers of its success have increased in
complexity, it has become evident that it would be best to further
divide certain responsibilities between Dave and me. Dave's stewardship
of the upward trajectory of the core satellite business continues to
impress and permits this comfortable transition. He has presided over
dramatic increases in Adjusted EBITDA for the satellite business, up
approximately 50% in 2017 and another 37% year to date in 2018. By
stepping into the CEO role he will control all of the levers necessary
to drive revenue and EBITDA growth while I focus on both spectrum
monetization opportunities and other strategic financing initiatives. We
continue to explore opportunities with companies playing varying roles
in the spectrum industry including novel uses and new entrants seeking a
foothold through licensed spectrum. These promotions are in line with
how we believe the business is best operated, and they appropriately
align titles with operating duties."

About Globalstar, Inc.

Globalstar provides mobile satellite voice and data services. Customers
around the world in industries such as government, emergency management,
marine, logging, oil & gas and outdoor recreation rely on Globalstar to
conduct business smarter and faster, maintain peace of mind and access
emergency personnel. Globalstar data solutions are ideal for various
asset and personal tracking, data monitoring, M2M and IoT applications.
The Company's products include mobile and fixed satellite telephones,
the innovative Sat-Fi satellite hotspot, Simplex and Duplex satellite
data modems, tracking devices and flexible service packages.

Note that all SPOT products described in this press release are the
products of SPOT LLC, a subsidiary of Globalstar, which is not
affiliated in any manner with Spot Image of Toulouse, France or Spot
Image Corporation of Chantilly, Virginia.

For more information, visit www.globalstar.com.

View Comments and Join the Discussion!