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New York NY (SPX) Dec 19, 2012
Loral Space and Communications Inc. reports that its board of directors has named Avi Katz, 53, to the role of president of the company. Mr. Katz, who replaces Michael Targoff, was formerly the company's senior vice president, general counsel and corporate secretary.
The appointment comes as a result of the previously announced restructuring following last month's sale of the company's manufacturing division. Mr. Katz will also continue in his role as general counsel and secretary.
Commenting on this appointment, Michael Targoff, Loral's Vice Chairman, said, "Mr. Katz has been an integral part of our senior management team for many years and provided not only valuable legal advice but business counsel as well. He has been a dedicated and valued executive, and I am confident that in his new role he will continue to make significant and meaningful contributions."
Continuing the phased departures of senior executive officers, Richard Mastoloni will leave his role as senior vice president of finance and treasurer.
He will, however, continue to serve the company as a consultant and will work with the board of directors and Mr. Targoff on strategic matters relating primarily to Loral's ownership interest in Telesat. John Stack, who served as assistant treasurer of Loral for more than ten years, has been named treasurer.
Commenting on this change, Mr. Targoff said, "Since becoming a senior officer and treasurer in 2002, at a time of significant commercial and financial difficulty for Loral, Richard Mastoloni has been a key member of the executive management team that navigated our operations and a critical leader for me in the strategic and transformational transactions that have so effectively grown shareholder value.
"We are grateful for Mr. Mastoloni's contribution during his tenure at Loral and are pleased that he expects to be available to assist the company moving forward."
As previously announced, Mr. Targoff has stepped down from his role as full time chief executive officer and president. He remains vice chairman of the board and will serve as a consultant to the board of directors with primary responsibility for strategic matters relating to Telesat and XTAR and oversight of the ViaSat lawsuit.
Loral Space and Communications
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