- Speedcast International (SDA) CEO PJ Beylier has resigned from the company due to poor financial results
- Speedcast 2019 financial year results were more than 10 per cent lower than expected
- In August, the company reported a statutory Net Profit After Tax loss of roughly $175 million
- While Speedcast looks for a new CEO, board directors Peter Shaper and Joe Spytek have agreed to act as co-CEO’s
- Speedcast will remain in a trading halt until Wednesday February 5 with the last trade at 79 cents apiece
Speedcast International’s (SDA) long time CEO, PJ Beylier, has resigned due to the financial results not being what the company expected.
The board has accepted the resignation of PJ and he will remain available to support the management team.
Speedcast’s 2019 financial year (FY19) results were more than 10 per cent below the company’s expectations.
“The quality of the financial result is not in line with the Board and management’s expectations, which I take responsibility for and have therefore decided to resign,” PJ said.
In August, the company reported a statutory Net Profit After Tax (NPAT) loss of $175.5 million.
The Board anticipates providing additional clarity around the preliminary results at the time it resumes trading, where it aims to identify the expected performance of the business for FY20.
Speedcast will be immediately implementing plans to improve the business. Given the quality of the FY19 results, the board is currently undertaking an extensive review.
While the company looks for the next CEO, board directors Peter Shaper and Joe
Spytek have agreed to act as co-CEO’s.
“Peter and Joe have agreed to take on the interim leadership role, bringing their extensive satellite communications experience to bear in an executive capacity, in addition to their ongoing roles as directors of the company,” Chairman Stephe Wilks said.
“I remain excited about Speedcast’s future; as the company continues to execute on its operational improvement plans, it will be able to leverage the unique platform it has built and generate growth,” PJ told the market.
Speedcast will remain in a trading halt until Wednesday February 5, with the last trade at 79¢ apiece.