Monday, February 27, 2012

LightSquared's CEO Resigns

Following its failure to gain regulatory approval, LightSquared announced the resignation of its CEO, Sanjiv Ahuja. He will continue as Chairman of the board. The company is currently searching for a new CEO.

LightSquared also affirmed its intention to work through the regulatory issues and ultimately build a wireless network.

Philip A. Falcone, CEO and CIO of Harbinger Capital Partners stated:

"LightSquared's objective, through its wholesale business model, is to provide increased competition and lower prices in the telecommunications industry, and to bring broadband cellular phone service to rural areas that currently don’t have such service and that has not and will not change. That has been our vision from day one....

"We are, furthermore, committed to working with the appropriate entities to find a solution to the recent regulatory issues. We, of course, agree that it is critical to ensure that national security, aviation and the GPS communities are protected. I am confident that working together, we can solve this problem and bring the American consumer the lower priced 4G wireless alternative they need and deserve."

See also