December 31st, -0001
Globalstar... Moving On Out...
Globalstar, Inc. (Nasdaq:GSAT)has announced that after the successful implementation of the strategic initiatives he introduced during his tenure, the Company has accepted Chief Executive Officer Peter Dalton's request to retire. Executive Chairman and former Globalstar CEO Jay Monroe will immediately resume his operational role as CEO on an interim basis and Mr. Dalton will remain as a special advisor to the interim CEO to assist with transition issues through September 1, 2011. Mr. Dalton is also retiring as a member of Globalstar's Board of Directors. Mr. Dalton has been a director of the Company since 2004 and served as CEO since July 2009. He also previously served as the Chair of the Company's Audit Committee. As CEO, Mr. Dalton initiated and completed the successful relocation of Globalstar's corporate headquarters from Silicon Valley in California to Louisiana. He also rebuilt the Company's executive management team after the relocation.
"On behalf of the Company and its Board of Directors, I would like to thank Peter for his years of exemplary service and the significant contributions he made as Chief Executive Officer and Director of Globalstar," said Mr. Monroe. "As CEO, Peter successfully implemented a number of strategic and significant cost-saving initiatives such as our head office relocation. His extensive knowledge of the satellite industry also helped Globalstar grow to become the world's leading provider of mobile satellite services products to the retail consumer market. With these immediate strategic tasks now completed, we wish Peter all the best in his retirement." Jay Monroe is Executive Chairman of the Board of Directors of Globalstar. He has been Chairman since the purchase of the assets of the Company by Thermo Capital Partners in April 2004, and was previously Globalstar's CEO from January 2005 until July 2009. Globalstar has initiated a search for a permanent replacement for Mr. Dalton.