Summary
Globalstar, Inc. (GSAT) announced on November 28, 2017, the appointment of David Kagan as its new President and Chief Operating Officer, effective December 6, 2017. This move signifies a significant addition to the company's executive leadership, bringing in an executive with extensive experience in the satellite and telecommunications industry. Mr. Kagan's prior roles include leadership positions at SpeedCast International, ITC Global, Globe Wireless, and Spacenet, indicating a strong background relevant to Globalstar's operations and strategic initiatives. Investors should note the compensation package designed to incentivize Mr. Kagan. He will receive a restricted stock award of 750,000 shares vesting over four years and stock options for 750,000 shares, also vesting over four years. He is also eligible for future equity awards, suggesting a long-term alignment of his interests with those of the company and its shareholders. The company will also cover relocation expenses, facilitating his transition into the new role.
Key Highlights
- 1David Kagan appointed President and Chief Operating Officer, effective December 6, 2017.
- 2Mr. Kagan brings extensive experience in satellite services and telecommunications.
- 3Previous executive roles include COO of SpeedCast International and President/COO of Globalstar.
- 4Mr. Kagan receives a 750,000 share restricted stock award vesting over four years.
- 5Mr. Kagan receives stock options for 750,000 shares vesting over four years.
- 6Eligible for future stock option and restricted stock awards based on performance.
- 7Company to cover up to $40,000 in relocation and related expenses for Mr. Kagan.