After two years with the Communications Satellite Corp., President Marcel P. Joseph is resigning in the wake of a company restructuring that will leave Comsat with mainly its regulated business, which markets access to the International Telecommunications Satellite Organization (Intelsat) to U.S. companies.

"He is planning on leaving the company," said spokesman Richard McGraw. "He approached the compensation committee at the last board meeting and said I think my job here is done." A departure date has not been set, nor has Comsat named a replacement. Joseph declined to be interviewed about his departure or plans.

Joseph, 52, former vice president of General Electric Corp., was hired in April 1985 and was named Comsat executive vice president. He was promoted to the position of president and chief operating officer six months later. He had been slated to become president of Comsat's unregulated operations after a planned merger between the satellite company and Contel Corp., the third-largest independent telephone company. Contel recently backed out of the $2.3 billion merger.

Analysts and sources close to Intelsat said yesterday that Joseph had been hired to steer Comsat's unregulated businesses, shutting down or selling those that were not profitable. With that job largely accomplished, Joseph's departure came as no surprise.

"They've been in all of these businesses, which made no sense at all, and after the Contel {merger fell through} they owned up to getting back to things they do well," said James Mason McCabe, an analyst at Nomura Securities International. "Joseph was extraneous: Why do you need him when all the businesses he was brought in to straighten out are gone?"

Comsat, which analysts have said was largely unsuccessful in many of its diversification efforts, last week announced a loss of $84 million in the second quarter and the sale of its remaining manufacturing businesses.

Under Joseph, the company sold several small, unprofitable telecommunications equipment manufacturing subsidiaries and acquired Holiday Inn's half of a profitable and growing video entertainment distribution business that had been a joint venture between the two companies, McGraw said. Joseph also negotiated the sale to Contel of an international telephone and data communications subsidiary and a subsidiary that made Earth stations for private data networks.

"You can also give him credit for reducing corporate overhead by 30 percent," McGraw said.

The corporate flavor of Comsat no longer suited Joseph in the wake of the restructuring, said Bruce Sundlun, a member of the Comsat board. "If you look at Comsat after the sales ... . it's a regulated business which involves ... Washington," Sundlun said. "That's not Marcel's skills -- he comes out of the manufacturing business."