Lundberg Resigns As Head of Globalstar

Olof Lundberg has resigned as CEO and chairman of Globalstar [OTC BB: GSTRF.OB], a provider of handheld satellite phone service. Lundberg joined Globalstar in 2001 to help guide the company through its Chapter-11 bankruptcy restructuring process. This process now is nearing a conclusion through an agreement in which ICO Global Communications is buying a majority ownership of Globalstar.

“With Globalstar’s restructuring nearing its completion, this is now the right time to begin moving responsibility over to the company’s soon-to-be new owners,” Lundberg said about his resignation.

The company has no immediate plans to name a successor pending completion of the acquisition process.

For a more in-depth examination of Lundberg’s resignation and the pending merger, check out the July 14 issue of SATELLITE NEWS. For more info on subscribing to PBI Media’s newsletters, check out our Web site at http://www.telecomweb.com/catalog.