Posted: Tuesday, May 15, 2001
Bernard L. Schwartz announced today that he has relinquished his executive positions with Globalstar L.P. (NASDAQ:GSTRF) and that Olof Lundberg has been named chairman of the company. Mr. Lundberg also has been named acting chief executive officer and will become chief executive officer upon receipt of the appropriate U.S. immigration documents. Mr. Schwartz will continue as a member of Globalstar's General Partners Committee and as a director of Globalstar Telecommunications Limited. Loral will continue as the managing general partner of Globalstar.
'Mr. Lundberg joins Globalstar at a critical juncture,' Mr. Schwartz said. 'He has had a long and distinguished career in satellite-based mobile telephony, and his extensive expertise in telecommunications technology and customer service is a valuable resource in the continuing deployment of the Globalstar service.
'Among his many accomplishments in the telecommunications industry, Mr. Lundberg served for 15 years as director general/CEO of Inmarsat, a pioneering mobile satellite communications company that he drove from a start-up operation in 1979 into a highly successful, internationally respected business.'
Mr. Lundberg, 57, subsequently served for four years as CEO and then chairman and CEO of ICO Global Communications, leading the company from its establishment through its initial public offering.
Prior to Inmarsat Mr. Lundberg held a number of positions at Swedish Telecom (now Telia), where he managed and developed mobile and specialized services.
A founding Commissioner of the Global Information Infrastructure Commission, Mr. Lundberg has been honored with several awards from foundations, private organizations and governments around the world for his work in promoting and expanding international telecommunications.
Globalstar is a partnership of the world's leading telecommunications service providers and equipment manufacturers, including co-founders Loral Space & Communications and Qualcomm Incorporated; Alenia; China Telecom (HK); DACOM; DaimlerChrysler Aerospace; Elsacom (a Finmeccanica Company); Hyundai; TE.SA.M (a France Telecom/Alcatel company); Space Systems/Loral; and Vodafone Group Plc. For more information, visit Globalstar's web site at www.globalstar.com.
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