These appointments follow the global search for additional independent non-executive Directors to underpin Speedcast's Board renewal process, which was previously announced on 27 August 2019.
Peter Shaper is currently a Partner of Houston-based private equity firm Genesis Park. He has extensive business and Board experience, particularly in the satellite telecommunications sector, having previously been Chairman and CEO of CapRock Communications (a company acquired by Speedcast in 2017) and Chair of ITC Global, also a global satellite services provider. Peter won the 2009 Satellite Executive of the Year award, is a Founding Partner of private equity firm Genesis Park and sits on numerous boards including two other public companies. Peter holds an MBA from Harvard, and a Bachelor of Industrial Engineering from Stanford University.
Joe Spytek has more than 25 years of experience in leadership and international business. Most recently, Joe served as the Founder and CEO for ITC Global, providing end-to-end satellite communications to energy, mining and maritime companies operating in remote and harsh environments; prior to the business being sold to Panasonic's mobility communications division. Joe has previously built several successful international telecommunications companies, and holds a Bachelor's degree in Mechanical Engineering from Vanderbilt University.
The Company's earlier announcement on 27 August 2019 anticipated that another Director would retire from the Board once a suitable appointment was made. Caroline van Scheltinga has informed the Company of her retirement from the Board effective immediately. Ms van Scheltinga has been an independent Non-executive Director of Speedcast since April 2018 and has made an outstanding contribution to the business during her time on the Board.
Commenting on the Board changes, Speedcast Chair, Stephe Wilks, said: "We are delighted with the appointment of Peter and Joe to the Speedcast Board. Their substantial satellite telecommunications industry experience, and successful history building businesses, further strengthens the Board. Critically, the appointments provide additional skills to support our management team implement the Company's strategic plan. The fact that we were able to secure two Directors of this calibre so quickly is a testament to the quality of our people, and the global platform they have built - presenting our new Directors with a compelling opportunity to contribute."
"On behalf of the Board I would also like to thank Caroline for her significant contribution and support as a non-executive director."
On the Board appointments, CEO Pierre-Jean Beylier stated: "I am very pleased that Peter and Joe have agreed to join our Board. They bring substantial operational experience and relevant industry networks to Speedcast, which will be a strong addition to the Board's skill set. We look forward to working with them as we continue to focus on operational enhancements, de-leveraging and realigning the business for future organic growth."
As part of the Board renewal process, the Company has committed to its new Directors to bring a performance-based equity incentive package to Shareholders in due course (with the performance hurdle linked only to value created from the time of the Director's appointment).
About Speedcast International Ltd
Speedcast International Ltd (ASX:SDA) is the world's largest remote communications and IT services provider. The company delivers critical communications solutions through its multi-access technology, multi-band and multi-orbit network of 80+ satellites and an interconnecting global terrestrial network, bolstered by extensive local support from 40+ countries. Speedcast is uniquely positioned as a strategic partner, tailoring communications, IT and digital solutions to meet customer needs and enable business transformation. The company provides managed information services with differentiated technology offerings, including cybersecurity, crew welfare, content solutions, data and voice applications, IoT solutions and network systems integration services. With a passionate customer focus and a strong safety culture, Speedcast serves more than 3,200 customers in over 140 countries in sectors such as Maritime, Energy, Mining, Enterprise, Media, Cruise, Humanitarian and Government. Learn more at Speedcast.
Speedcast International Ltd