Global Eagle Appoints Jeff Leddy Chief Executive Officer
Global Eagle Entertainment (GEE) announced that its board of directors has appointed Jeff Leddy as chief executive officer, effective immediately. Leddy has served on the company’s board of directors since January 2013 and will continue as a director.
Most recently Leddy served as the founder and CEO of Verizon Telematics. Prior to Verizon, Leddy held various executive positions at SkyTerra Communications, including serving as CEO and president and as a member of its board of directors, and as a director at Hughes Network Systems.
The announcement comes after the abrupt departure of former CEO Dave Davis and Chief Financial Officer (CFO) Tom Severson on Feb. 20. The lack of specific reasons for their resignation prompted an investigation from shareholder rights law firm Johnson & Weaver, which reported it was looking into possible violations of federal securities laws by certain officers and directors.
GEE stated it would file its 10-K after the U.S. Securities and Exchange Commission (SEC) March 16 deadline, citing “additional financial-closing procedures associated with the company’s material weaknesses in internal control over its financial reporting.” The company also expects its full year 2016 revenue to fall near the low end of its prior guidance range of $530 million to $538 million. GEE’s stock fell more than 29 percent on Feb. 21 as a result.