Satcom services provider Speedcast has announced that it has accepted the resignation of PJ Beylier as CEO, effective from February 2020, after two decades at the company.
The announcement comes after the publication of the company’s full year 2019 preliminary financial results, which came in approximately 10% below the Company’s previous guidance and were described by the company Board as “disappointing.”
Mr Beylier will remain available to support the management team and the interim leadership over the next three months, with existing directors Peter Shaper and Joe Spytek agreeing to act as co-CEOs of the company for the time being as Speedcast begins the search for a new chief executive.
Commenting on his resignation, Mr Beylier said: “2019 was a challenging year for Speedcast. The quality of the financial result is not in line with the Board and management’s expectations, which I take responsibility for and have therefore decided to resign.”
“I want to thank all our employees for their amazing passion and hard work over the past 20 years that has made it possible to build together the global service leader that Speedcast has become. I remain excited about Speedcast’s future; as the company continues to execute on its operational improvement plans, it will be able to leverage the unique platform it has built and generate growth.”
Mr Beylier joined Speedcast in 2000 as Head of Sales and Marketing and was appointed Chief Executive Officer in 2004. Under his leadership the company has undertaken a huge expansion drive over the last decade, acquiring 16 companies since 2012, and also completed an IPO on the Australian Stock Exchange in 2014.