Resignation] is certainly not a positive sign. "If they can get half that it would be a good accomplishment," said Sean Badding, a senior analyst at The Carmel Group, a satellite and video consulting firm. The company has posted large quarterly losses and ended last year with only 3,000 subscribers despite plans to have as many as 600,000 subscribers by the end of 1999.Īnalysts say those numbers are too high.
Grant resigned for "personal reasons," but Iridium said it expects to name a replacement before his departure. Poor marketing efforts and production problems have plagued the company, and analysts now say subscriber projections are way out of reach for the struggling firm.įinancial chief Roy Grant announced his plans to resign by April 16, the company said.
#Iridium stock series
The first company to offer worldwide satellite phone service, Iridium has suffered a series of financial setbacks this year. The company's stock has gradually slipped since the company's credit concerns first surfaced in mid-February. Stock has traded as low as 18.6875, yet as high as 72.1875, in the past 52 weeks. Iridium shares fell 1.6875, or 7 percent, to 19.9375 on the day. The company also received an extension after failing to meet revenue and subscriber goals set by its creditors. Stock in Iridium, a global satellite phone service provider, fell 7 percent on Wall Street today after the company said its chief financial officer will step down.
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