Michael Targoff has been elected CEO of Loral Space & Communications, replacing the retiring Bernard Schwartz, the company announced Feb. 2.

Targoff has served as vice chairman of Loral’s board since 2005 and is the founder of Michael B. Targoff & Co., which invests in fledgling telecommunications companies. He also is chairman of the boards of Communication Power Industries and Leap Wireless International Inc., as well as a director of ViaSat Inc.

Mark Rachesky, cofounder and president of MHR Fund Management LLC, has been named non-executive chairman of Loral. Rachesky currently serves as non-executive chairman of the board of directors of Leap Wireless International Inc. and is on the board of directors of Emisphere Technologies Inc., among others.

Schwartz will step down as Loral’s chairman and CEO effective March 1.