By Tony Hallett, 2 September 1999 15:13
NEWS Iridium, the beleaguered global satellite telephone company, has announced a major overhaul that will see the introduction of a new chief financial officer (CFO) and a chief restructuring officer. The positions will be taken up by David Gibson and Joseph Bondi respectively. Both come from New York-based turnaround specialists, Alvarez & Marsal. The CFO position is being vacated by Leo Mondale, who was only appointed in April this year. Iridium entered Chapter 11 bankruptcy proceedings three weeks ago, following the poor take-up of its service after its launch last November. Rival provider, ICO Global Communications, last Friday also filed for Chapter 11. Its service is scheduled to be available at the end of next year.
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