Bernard Schwartz, chairman and CEO of Loral Space & Communications Inc., will retire effective March 1, the company announced. Loral spokeswoman Jeanette Clonan said a replacement would be announced Feb. 2.
“With the start of the New Year and the intersection of several significant achievements – Loral’s successful emergence from chapter 11, our relisting on a major stock exchange and my attainment of a milestone birthday – I have concluded that now is the right time to activate our succession plans and pass the reins of the company on to our extremely talented team of executives,” Schwartz said in a letter to the Loral board. “Thanks to their efforts, both of our businesses are on very solid footing and our employees are enthused about our future.”
Schwartz has led Loral since it creation in 1996 and served as chairman and CEO of its predecessor company, Loral Corp., since 1972.
