Loral release
Bernard L. Schwartz to Retire as Chairman and Chief Executive of Loral
NEW YORK — February 1, 2006 — Bernard L. Schwartz, chairman and chief
executive officer of Loral Space & Communications Inc. (NASDAQ: LORL)
announced today that he plans to retire from the company on March 1,
2006, and will relinquish all of his positions and directorships held at
Loral and any of its subsidiaries and affiliates at that time. Mr.
Schwartz has been the company’s chairman and chief executive officer
since it was created in 1996 and, prior to that, served as chairman and
chief executive officer of its predecessor company, Loral Corporation,
since 1972.
In his letter to the Board of Directors, Mr. Schwartz said: “For some
time, I have been considering at what point it would appropriate for me
to step down as chairman and chief executive officer of Loral. With the
start of the New Year and the intersection of several significant
achievements – Loral successful emergence from chapter 11, our
re-listing 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. Thanks to their efforts, both of our
businesses are on very solid footing and our employees are enthused
about our future.”
For the last 34 years, under Mr. Schwartz’s leadership, the company has
played a central role in shaping and defining its industries. Since
1996, Mr. Schwartz has guided Loral Space & Communications to a
leadership position in the satellite industry. It is in the unique
position of being both a major commercial satellite manufacturer and a
satellite services provider and has benefited substantially from Loral
Corporation’s strong heritage of technological innovation. Mr. Schwartz
led Loral, a Fortune 200 designer and manufacturer of advanced,
state-of-the-art defense systems and hardware, from 1972 to 1996. Under
his guidance, that company posted 96 consecutive quarters of increased
earnings through its successful strategy of acquisition and internal
development. Loral's market value rose from $7.5 million to $15 billion
between 1972 and 1996, when the defense businesses were divested.
Mr. Schwartz also has been recognized for his views and counsel on
matters ranging from economic policy and the effects of globalization,
to technology and national security. He works with private research
institutions, educators and congressional committees to support the
development of public policy that promotes the maintenance of the United
States’ economic and technological preeminence. Mr. Schwartz has
established programs and chairs in support of these initiatives at
numerous universities and private institutions, among them: the New
School University, Baruch University, the Johns Hopkins School for
Advanced International Studies (SAIS), the Council on Foreign Relations,
the Brookings Institution and the New America Foundation.
A native and resident of New York City, Mr. Schwartz is a major
benefactor to a number of New York City-based organizations, in addition
to the New School and Baruch, including, the New York University Medical
Center, the New York Historical Society, Thirteen/WNET and City Year-New
York. He is a graduate of City College of New York with a B.S. degree in
finance and holds an honorary Doctorate of Science degree from the
university.
Loral Space & Communications (NASDAQ: LORL) is a satellite
communications company. It owns and operates a fleet of
telecommunications satellites used to broadcast video entertainment
programming, distribute broadband data, and provide access to Internet
services and other value-added communications services. Loral also is a
world-class leader in the design and manufacture of satellites and
satellite systems for commercial and government applications including
direct-to-home television, broadband communications, wireless telephony,
weather monitoring and air traffic management. For more information,
visit Loral’s web site at www.loral.com.
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