Management change and trading update
While the preliminary view of the FY19 result is a little greater than 10% below the Company's previous guidance, that result includes a number of items (such as procurement savings and sale of minor surplus assets) that do not directly contribute to ongoing earnings. In light of the disappointing preliminary FY19 result, the Board accepted PJ Beylier's resignation from his role. He remains available to support the management team and the interim leadership over the next three months.
Commenting on his resignation, PJ Beylier said "2019 was a challenging year for Speedcast. The quality of the financial result is not in line with the Board and management's expectations, which I take responsibility for and have therefore decided to resign. I want to thank all our employees for their amazing passion and hard work over the past 20 years that has made it possible to build together the global service leader that Speedcast has become. I remain excited about Speedcast's future; as the company continues to execute on its operational improvement plans, it will be able to leverage the unique platform it has built and generate growth."
A global search for Speedcast's new CEO has commenced with Russell Reynolds, with a particular focus on Europe and the US for candidates. In the interim, existing Board Directors Peter Shaper and Joe Spytek have agreed to act as co-CEOs of the Company. Peter and Joe will also continue as Directors.
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About Speedcast International Ltd
Speedcast International Ltd (ASX:SDA) is the world's largest remote communications and IT services provider. The company delivers critical communications solutions through its multi-access technology, multi-band and multi-orbit network of 80+ satellites and an interconnecting global terrestrial network, bolstered by extensive local support from 40+ countries. Speedcast is uniquely positioned as a strategic partner, tailoring communications, IT and digital solutions to meet customer needs and enable business transformation. The company provides managed information services with differentiated technology offerings, including cybersecurity, crew welfare, content solutions, data and voice applications, IoT solutions and network systems integration services. With a passionate customer focus and a strong safety culture, Speedcast serves more than 3,200 customers in over 140 countries in sectors such as Maritime, Energy, Mining, Enterprise, Media, Cruise, Humanitarian and Government. Learn more at Speedcast.
Speedcast International Ltd