Rick Baldridge to Become
Vice Chairman
CARLSBAD, Calif., June 29, 2022 /PRNewswire/ -- Viasat Inc.
(NASDAQ: VSAT), a global communications company, today announced
that, effective July 1, 2022,
Mark Dankberg, Viasat's co-founder
and executive chairman, will resume the roles of chairman and CEO,
while current President and CEO Rick
Baldridge will assume a newly created vice chairman
position. Baldridge will focus on the remaining steps to closing
the Inmarsat acquisition, and the organizational integration
planning and execution strategy to position the combined companies
to achieve the financial and operational objectives underpinning
the transaction – including cost, capital, and revenue synergies
already identified. The organization change follows Viasat's recent
overwhelming shareholder approval for the acquisition of Inmarsat.
Baldridge will also continue to lead Viasat's evaluations of
strategic initiatives and certain ongoing organizational
initiatives.
Baldridge's new role also reflects the results of internal
organizational planning and evolution over the past two years
designed to scale Viasat internal operational responsibilities.
Since co-founding Viasat in 1986, Dankberg has led Viasat's growth,
technology strategy and commercial operations over many years, and
served as chairman and CEO from inception through 2020. Now,
Dankberg will be supported in overseeing Viasat's day-to-day
operations by Kevin Harkenrider, a
long time Viasat executive with experience in a broad range of
operating roles who was promoted to Chief Operating Officer in
2021.
Commenting on behalf of Viasat's Board of Directors, Lead
Independent Director Sean Pak
stated, "Today's moves allow us to optimize the contributions of
Viasat's foundational leaders in Mark and Rick, and reflect the
Company's commitment to a thoroughly planned and executed
integration with Inmarsat that will position us to achieve the
financial and operational results enabled by the transaction.
Through their close and selfless partnership Mark and Rick have
created and led an exceptional management team that is delivering
outstanding growth in the satellite industry.
"A combination of technology and strategy leadership in a
rapidly growing and dynamic market, plus integration of the best
aspects of Viasat's and Inmarsat's executive, operational, and
go-to-market skills will be required to achieve our objectives.
Beyond Mark and Rick, we are confident in the broad management
bench strength at the Company as we capitalize on our compelling
combination of spectrum, licenses, space and ground assets, our
existing talent, and the new talent brought by the Inmarsat
transaction and distribution to build a global communications
leader."
About Viasat
Viasat is a global communications company that believes everyone
and everything in the world can be connected. For more than 36
years, Viasat has helped shape how consumers, businesses,
governments and militaries around the world communicate. Today, the
Company is developing the ultimate global communications network to
power high-quality, secure, affordable, fast connections to impact
people's lives anywhere they are—on the ground, in the air or at
sea. To learn more about Viasat, visit: www.viasat.com, go to
Viasat's Corporate Blog, or follow the Company on social media at:
Facebook, Instagram, LinkedIn, Twitter or YouTube.
Forward-Looking
Statements
This press release contains forward-looking statements that are
subject to the safe harbors created under the Securities Act of
1933 and the Securities Exchange Act of 1934. Forward-looking
statements include statements that refer to the focus and
responsibilities of Messrs. Dankberg, Baldridge and Harkenrider;
and Viasat's planned acquisition of Inmarsat, and the financial and
operational benefits enabled by the transaction. Readers are
cautioned that actual results could differ materially from those
expressed in any forward-looking statements. Factors that could
cause actual results to differ include: the ability
of Viasat to successfully integrate Inmarsat
operations, technologies and employees; the ability to realize
anticipated benefits and synergies of the acquisition, including
the expectation of enhancements to Viasat's products and
services, greater revenue opportunities, operating efficiencies,
and cost savings; the ability to ensure continued performance and
market growth of the business; changes in the global
business environment and economic conditions; the availability and
cost of capital; changes in relationships with key customers,
suppliers, distributors, resellers, and others as a result of the
acquisition; our dependence on a limited number of key employees;
our ability to successfully implement our business plan for our
broadband satellite services on our anticipated timeline or at all;
and other factors affecting the communications industry generally.
In addition, please refer to the risk factors contained in our SEC
filings available at www.sec.gov, including our most recent
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Readers are cautioned not to place undue reliance on any
forward-looking statements, which speak only as of the date on
which they are made. We undertake no obligation to update or revise
any forward-looking statements for any reason.
Copyright © 2022 Viasat, Inc. All rights reserved. Viasat,
the Viasat logo and the Viasat signal are
registered trademarks of Viasat, Inc. All other product
or company names mentioned are used for identification purposes
only and may be trademarks of their respective owners.