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[December 17, 2012]
Loral continues corporate office restructuring
Dec 17, 2012 (TELECOMWORLDWIRE via COMTEX) -- Loral Space & Communications Inc. (NASDAQ: LORL) said its board of directors has named Avi Katz, 53, to the role of president of the company.
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. Katz will also continue in his role as general counsel and secretary.
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 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.
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 & Communications is a satellite communications company. Loral owns 64 percent of Telesat Canada, a global operator of telecommunications and direct broadcast satellites used to distribute video entertainment programming, broadband data, and provide access to Internet services and other value-added communications services. For more information, visit Loral's web site at www.loral.com.
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