PALO ALTO, Calif., Oct. 15, 2009 Space Systems/Loral (SS/L), a subsidiary of Loral Space & Communications (Nasdaq:LORL) and the leading provider of commercial satellites, today announced that Patrick DeWitt will be appointed to the SS/L Board of Directors as its Chairman and will relinquish his duties as Chief Executive Officer at the end of the year. John Celli, the current President and Chief Operating Officer, will lead the company’s day-to-day operations.
“It has been an honor and a privilege to work with Pat DeWitt for so many years,” said Mr. Celli. “He has been an exceptional leader and a dedicated mentor to me and to most of SS/L’s managers. My job in taking on his role is made easier by the strong and dedicated team of engineers, scientists and technicians that he cultivated, and their passion for building the world’s best and most powerful satellites.”
Mr. DeWitt will retire after serving with the company for 36 years. He will continue his involvement as Chairman of the Board, focusing his support on strategic initiatives. Beginning as a financial analyst, he went on to the lead the company through some of the industry’s most difficult years. He demonstrated exceptional skill in navigating the company through a bankruptcy and bringing it back to the leadership position that it holds today.
“I am proud to leave the company with the most enviable customer base, the largest backlog, the best product, the best reliability, and most importantly, the best employees in the satellite industry,” said Mr. DeWitt. “John Celli was chosen as my successor because of his knowledge of the satellite business, his proven leadership, and the trust and confidence of our customers. He is prepared to lead the company to even greater successes.”
About Space Systems/Loral
Based in Palo Alto, California, SS/L designs and builds satellites and spacecraft systems for commercial and government customers around the world. As the leading provider of commercial satellites, the company works closely with satellite operators to deliver spacecraft for a broad range of services including direct-to-home television, digital audio radio, broadband Internet, and digital multimedia broadcasting. With more active transponders on three-axis controlled spacecraft than any other satellite manufacturer, SS/L helps customers meet business objectives with advanced solutions based on space-proven heritage designs. For more information, visit www.ssloral.com.
About Loral Space & Communications
Loral Space & Communications is a satellite communications company. Through its Space Systems/Loral subsidiary, the company is a world-class leader in the design and manufacture of satellites and satellite systems for commercial and government applications including direct-to-home television, broadband communications, wireless telephony, weather monitoring, and air traffic management. Loral also owns 64 percent of Telesat, one of the world’s largest providers of satellite services. Telesat operates a fleet of telecommunications satellites used to broadcast video entertainment programming, distribute direct-to-home video and broadband data services, and other value-added communications services. For more information, visit Loral’s web site at www.loral.com. LORL-G
