The Bermuda based satellite company, Intelsat, has named outgoing O2 chief executive Dave McGlade as their new head, taking over from Conny Kullman.
Conny Kullmann, Intelsat’s current chief executive said about his successor: “He has demonstrated on a number of occasions his ability to transform seamlessly across different parts of the telecom landscape.”
Mr McGlade has been credited with leading a four year turn-round of O2 UK’s domestic operations, lifting the UK customer base to more than 14 million and increasing operating profits by 40% in the first half of this year to £341 million on sales up 20% at £1.8 billion. Mr McGlade will be replaced in March by Matthew Kay, currently chief financial officer of the UK division.
The move is expected to coincide with the completion of a £2.6 billion buy-out of Intelsat by four member private equity group, Zeus Holdings. The satellite company’s sale follows a period of consolidation in the industry, which included the $3.55 billion disposal of Panamsat, its US rival, to another private equity consortium.
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