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Capital Business
Posted at 02:12 PM ET, 02/28/2012

LightSquared CEO resigns, will remain chairman

The chief executive of Reston-based LightSquared has resigned from the company’s top position, the firm announced Tuesday, the latest sign of tumult after the Federal Communication Commission revoked its prior approval of the company’s wireless network earlier this month.

Sanjiv Ahuja, who has served as CEO since the venture launched in July 2010, will remain chairman of the board. Doug Smith, chief network officer, and Marc Montagner, chief financial officer, will serve as interim co-chief operating officers while the company searches for a new CEO.

Ahuja’s resignation comes one week after the firm said it would lay off 45 percent of its 330 staff members, about two-thirds of whom are located in the Washington region. The company has denied rumors it will consider filing for bankruptcy.

LightSquared was formed by hedge fund billionaire Philip Falcone’s investment fund, Harbinger Capital, with a commitment of $14 billion, The Washington Post has reported. Falcone will join the firm’s board of director’s according to the news release.

A spokesman for Ahuja declined to comment beyond the news release. A call to the company’s spokesman has not yet been returned.

LightSquared is seeking to build a wholesale wireless network that pairs an on-the-ground broadband infrastructure with satellites. Those plans hit a major snag after several federal agencies and industry leaders said the signals would interfere with global positioning technology.

By  |  02:12 PM ET, 02/28/2012

 
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