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Eutelsat Shareholders Nominate New Board, Giuliano Berretta Elected Chairman and CEO |
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PARIS, Sept. 27/Satnews Daily/ — Eutelsat's shareholders approved last Sept. 24 to streamline its corporate governance structure by replacing the 15-member Supervisory Board and four-member Management Board with a single Board of Directors composed of ten members.
Eutelsat said the change in corporate governance aligns with common private company practice and will facilitate greater cohesion between shareholders and management and lead to increased efficiency. It added this is also a reflection of the evolution in Eutelsat's shareholder base, which has taken place since July 2001 when the operational activities and assets of the Eutelsat intergovernmental organization were transferred into Eutelsat S.A.
Shareholders nominated ten members to the new Board of Directors, which at its first meeting unanimously elected Giuliano Berretta as CEO and Chairman of the Board. The nine other Board members are:
Ruggero Magnoni Vice-Chairman, Lehman Brothers Joe Cohen Managing Director, Lehman Brothers Eric Giuily Chairman and CEO, Publicis Consultants Patrick Sayer Chairman of the Management Board, Eurazeo Gilbert Saada Member of the Management Board, Eurazeo Georgy Komarov Chief Financial Officer, RSCC Lorenzo Pellicioli Chairman, Xantos Belgacom represented by Bridget Cosgrave, President International Carrier Services, Belgacom British Telecom represented by Andrew Gibson, Director Satellite Investments, BT
Commenting on the Annual General Meeting and the first meeting of the Board of Directors, Giuliano Berretta, Chairman and CEO said last year Eutelsat posted a 6.3 per cent increase in consolidated revenue to $931.97 million (760.2 M EUR), and a 10.8 per cent increase in consolidated EBITDA to $733.24 million (598.9 M EUR).
He said the move to a single Board of Directors equips us now to take the company to new levels of service and performance for our entire community of users.
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