Inmarsat CEO Rajeev Suri to Step Down With Viasat Acquisition
Inmarsat CEO Rajeev Suri will step down from his role with the close of the Viasat acquisition, Inmarsat announced Friday. Suri has been nominated to serve on Viasat’s board of directors. Viasat’s acquisition of Inmarsat is moving to close after clearing final approval from the European Commission this week.
Suri, former Nokia CEO, joined Inmarsat in 2021, eight months before the acquisition deal was announced. He led a number of changes in Inmarsat’s business including plans for the Orchestra and Elera networks, and new leaders for a number of business lines.
Inmarsat recently announced that the first quarter of 2023 was its strongest in history, with revenues growth of 16% in the first quarter to $403 million, with EBITDA rising 32% year-on-year to $259 million.
A shareholder consortium commended Suri for his leadership: “We would like to thank Rajeev for the leadership he brought to the company at a critical time. He demonstrated what is possible when management has the right strategic focus and executes with discipline. Inmarsat’s financial performance has been outstanding, customers have benefitted from new technology, and employees will have the opportunity to be part of a larger company, well-positioned to win in a consolidating market,” the statement said.
In addition, Inmarsat Chair Andrew Sukawaty will also stand down from his position to join the Viasat board. The Inmarsat shareholder consortium can nominate two members to the Viasat board, and has chosen Suri and Sukawaty.
“Inmarsat is a terrific company with first-class people. I am proud to have worked with such a great team, including our superb Chairman Andrew Sukawaty, to deliver record financial performance, strengthen employee engagement, accelerate innovation, and deliver a transaction that ensures Inmarsat will be part of a long-term industry leader. I look forward to joining Viasat’s board of directors and working to ensure the combined company achieves its full potential,” Suri commented.