Inmarsat announces departure of Rick Medlock, CFO

The Inmarsat plc Board of Directors (LSE: ISAT.L) announces that Rick Medlock, Chief Financial Officer, has decided to leave the company in the coming months to take up a position with a private equity-owned business.

As a result, the Board has begun a process to appoint a successor to Mr Medlock and a further announcement will be made in due course. Mr Medlock has agreed to stay with Inmarsat until early 2014, to enable time for a suitable candidate to be found and to support an orderly transition.

Andy Sukawaty, Chairman, said: “Rick has been our CFO since 2004. He has been a valued member of the management team and has made a huge contribution to the success of the business. On behalf of the Board, I would like to thank him for his work over many years and wish him every success in the future.”

Rupert Pearce, Chief Executive Officer, said: “I would like to echo Andy’s thanks. Rick has played an important part in the development of Inmarsat for many years, not least in creating the financial strength which enables the launch of our Inmarsat-5 series of satellites and the delivery of Global Xpress. The company is firmly on track to deliver its plans for the future, continuing our leadership of the global mobile satellite services sector.”

Rick Medlock, Chief Financial Officer, said: “I have been with Inmarsat for nine years and have hugely enjoyed my time at the company. However, I do believe it is time to move to the next stage of my career. I leave the company both financially and operationally strong at an extremely exciting time in its development. I am very confident that Inmarsat will continue to deliver value for shareholders and customers alike.”