- After about five years in the position
- Praise and thanks for Kagan
- Paul Jacobs taking over
(exechange) — Covington, Louisiana, August 29, 2023 — Dave Kagan, chief executive of Globalstar, leaves his position. As announced by Globalstar Inc. in a news release and in a regulatory filing published on Tuesday, August 29, 2023, David B. (Dave) Kagan leaves his post as chief executive officer at the satellite communications company, after about five years in the role, effective immediately.
Generally speaking, it raises questions when a CEO leaves his post abruptly.
Dave Kagan’s duties as CEO will be taken over by Paul E. Jacobs, a former Chief Executive Officer at Qualcomm.
The fact that Dave Kagan’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
“Driving innovation-led growth”
Globalstar did not give an explicit reason for Dave Kagan’s departure from the CEO post. Globalstar stated: “Dr. Jacobs is an accomplished leader and innovator who brings to Globalstar deep wireless industry experience and a track record of driving innovation-led growth, including growing Qualcomm’s revenues from $5.7 billion to $25.7 billion as CEO from 2005 to 2014 while adding approximately $50 billion to its market capitalization. As Globalstar’s CEO, he will drive the Company’s ongoing strategic initiatives to develop and deploy innovative solutions across terrestrial and satellite for customers around the world.”
Precise information regarding Dave Kagan’s future plans was not immediately available.
“Retire”
Globalstar said: “Globalstar, Inc. (NYSE American: GSAT) (“Globalstar”) today announced that Paul E. Jacobs, Ph.D., founder and CEO of XCOM Labs and former CEO and Executive Chairman of Qualcomm, has been appointed CEO of Globalstar, effective immediately. Dr. Jacobs has also been appointed to Globalstar’s Board of Directors. He succeeds David Kagan, who will retire as Globalstar’s CEO.”
Share price decline since August 2022
The announcement follows a decline in Globalstar Inc.’s share price of 23% since August 2022.
In the position of CEO since 2018
Dave Kagan became CEO of the Company in 2018.
David B. Kagan has been the Company’s Chief Executive Officer since September 2018.
He served as the Company’s President and Chief Operating Officer from January 2016 through March 2017 and reassumed the positions in December 2017 through September 2018.
Kagan previously served as Chief Operating Officer of SpeedCast International Limited from March 2017 through November 2017, President of ITC Global LLC, a global satellite services company, from August 2014 through its sale to Panasonic in September 2015, and President and Chief Executive Officer of Globe Wireless LLC from June 2011 through its sale to Inmarsat in August 2014.
He also served as Senior Vice President – Business Development of Spacenet, Inc. from March 2010 to June 2011.
No statement by Dave Kagan
In the release announcing his departure as CEO of Globalstar Inc., Dave Kagan received praise and thanks.
The announcement of his departure as CEO does not include a statement by Dave Kagan.
Push-out Score for Dave Kagan’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Dave Kagan was pushed out or felt pressure to leave his position.
exechange reached out to Globalstar and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 36.2023 ($).