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Richard Townsend Elected Executive Vice President of Loral Space & Communications

New York/May 1, 2003/Satnews Daily/ — The board of directors of Loral Space & Communications  has elected Richard J. Townsend executive vice president and chief financial officer of the company.

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.

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.

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.

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