NEW YORK – April 29, 2003 – The board of directors of Loral Space &
Communications (NYSE:LOR), has elected Richard J. Townsend executive vice
president and chief financial officer of the company. Mr. Townsend, who was
formerly senior vice president and CFO, joined Loral in October 1998. He
reports to Bernard L. Schwartz, chairman and chief executive officer, and is
responsible for overseeing all finance and treasury functions.
Mr. Townsend, 52, joined Loral from ITT Industries, a defense electronics
and engineering company, where he served as corporate controller and
director of strategy.
Prior to joining ITT Industries in 1997, Mr. Townsend served from 1979 in a
series of financial positions at International Business Machines, including
assistant controller, corporate financial planning and controller for
Europe, the Mideast and Africa. From 1973 to 1979, Mr. Townsend was
employed as a safety systems design engineer at General Electric Company’s
nuclear energy division.
Mr. Townsend earned a master’s degree in business administration from the
Stanford Graduate School of Business, a master’s degree in engineering from
the University of California at Berkeley, and a bachelor’s degree in
mechanical engineering from the University of Michigan. He and his family
live in New Canaan, Conn.
Loral Space & Communications is a satellite communications company. It owns
and operates a global fleet of telecommunications satellites used by
television and cable networks to broadcast video entertainment programming,
and by communication service providers, resellers, corporate and government
customers for broadband data transmission, Internet services and other
value-added communications services. Loral also is a world-class leader in
the design and manufacture of satellites and satellite systems through its
Space Systems/Loral subsidiary.
