AsiaSat CEO Andrew Jordan stepping down
WASHINGTON — Andrew Jordan, chief executive of regional fleet operator AsiaSat, resigned April 16 a year and a half after taking the position.
AsiaSat’s Roger Tong, who held the titles of chief technology officer as well as vice president of engineering and operations, will take Jordan’s position.
Jordan, at AsiaSat’s request, will continue as a senior advisor until the end of October. The company will pay him 429,500 Hong Kong dollars ($54,700) a month during that time, AsiaSat informed the Stock Exchange of Hong Kong April 16. Jordan will also receive an HK$8,675,000 resignation payment in addition to the monthly advisory service fees.
Jordan’s decision to leave “is to pursue other business interests,” AsiaSat said.
Tong has been at AsiaSat for 10 years, having previously worked as a technical consultant for Canadian fleet operator Telesat. He has 33 years of experience in the satellite and telecom industries, including stints at Com Dev International, a prominent component maker Honeywell purchased in 2015, and wireless equipment provider Allen Telecom.
AsiaSat is paying Tong a salary of HK$348,470 per month, plus discretionary bonuses up to 40 percent of that salary and an award of shares under the company’s share award arrangement. The company already alloted 348,382 shares to Tong that will be doled out in tranches over the next four years.
Tong will hold the role of CEO until AsiaSat’s next annual general meeting, where the company will decide on the longevity of his responsibilities.
“We are confident that [Tong] has the strategic vision, capability and experience to continue to build AsiaSat’s leadership in this rapidly changing environment and to steer the company to its next phase of growth,” AsiaSat’s Chairman Gregory Zeluck said in a statement.
AsiaSat operates a fleet of seven satellites, and is preparing to order its first full high-throughput satellite against a backdrop of increasing competition from regional and international operators across the Asia Pacific. Revenue and profit both increased by 6 percent for the company last year.