Management change and trading update
While the preliminary view of the FY19 result is a little greater than 10% below the Company's previous guidance, that result includes a number of items (such as procurement savings and sale of minor surplus assets) that do not directly contribute to ongoing earnings. In light of the disappointing preliminary FY19 result, the Board accepted PJ Beylier's resignation from his role. He remains available to support the management team and the interim leadership over the next three months.
Commenting on his resignation, PJ Beylier said "2019 was a challenging year for Speedcast. The quality of the financial result is not in line with the Board and management's expectations, which I take responsibility for and have therefore decided to resign. I want to thank all our employees for their amazing passion and hard work over the past 20 years that has made it possible to build together the global service leader that Speedcast has become. I remain excited about Speedcast's future; as the company continues to execute on its operational improvement plans, it will be able to leverage the unique platform it has built and generate growth."
A global search for Speedcast's new CEO has commenced with Russell Reynolds, with a particular focus on Europe and the US for candidates. In the interim, existing Board Directors Peter Shaper and Joe Spytek have agreed to act as co-CEOs of the Company. Peter and Joe will also continue as Directors.
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About Speedcast International Ltd
Speedcast International Ltd (ASX:SDA) is the world's most trusted communications and IT services provider, delivering critical communications solutions to the Maritime, Energy, Mining, Media, Telecom, Cruise, NGO, Government, and Enterprise sectors. With more satellite capacity than any other provider, Speedcast enables faster, seamless pole-to-pole coverage from a global hybrid satellite, fiber, cellular, microwave, MPLS, and IP transport network with direct access to public cloud platforms. The company also integrates differentiated technology offerings that provide smarter ways to communicate and distribute content, manage network and remote operations, protect and secure investments, and improve the crew and guest experience. With a passionate customer focus and a strong safety culture, Speedcast serves more than 3,200 customers in over 140 countries. Learn more at www.speedcast.com.
Speedcast International Ltd