WASHINGTON—Motient Corp. named a new management team, continuing moves to separate two affiliated mobile satellite service companies into two independent publicly traded entities and possibly to better position the Lincolnshire, Ill. firm to be acquired.
Robert Brumley was named president and chief executive officer of Motient. Brumley, who currently serves as president and CEO of TerreStar Networks Inc., previously served as chief executive of Pegasus Global, an international firm he co-founded specializing in telecommunications, technology, infrastructure development and aerospace/defense. In addition, Brumley held senior executive positions with global communications firms such as Deutsche Telekom AG and Bell Atlantic International, where he was responsible for Bell Atlantic’s international telecommunications transactions worldwide, including its participation in Constellation Communications Inc., a low-Earth-orbit satellite venture.
Neil Hazard, currently chief financial officer of TerreStar Networks, was named executive vice president, CFO and treasurer of Motient. Jeffrey Epstein, currently associate general counsel of TerreStar Networks, was named Motient’s general counsel and secretary.
“These individuals bring years of leadership in the communications industry and a wealth of knowledge and operational experience. I know they will successfully guide development of Motient’s strategic plan and continue to bring value to our shareholders,” said Motient Chairman Raymond Steele.
Last week, Motient announced the close of transactions that resulted in Motient owning 61 percent of TerreStar, 45 percent of SkyTerra and 17 percent of MSV, each on a fully diluted basis. Motient said its ownership of TerreStar could increase to 100 percent assuming other TerreStar stock and option holders exercise their tag-along rights.
“As a result of this transaction, TerreStar will be better positioned to pursue the deployment of its integrated satellite and terrestrial based communications networks, raise financing, and engage in partnerships, or other arrangements, with potential strategic partners,” said Brumley.
