LightSquared CEO Steps Down

Feb 29 2012 | 4:30am ET

In the wake of the federal government's devastating decision to all but pull the plug on its planned network, Harbinger Capital Management's wireless Internet venture will replace its CEO.

Sanjiv Ahuja, who has served as LightSquared's CEO since its inception, will step down from that post, although he will remain the Reston, Va.-based company's chairman. Doug Smith and Marc Montagner, LightSquared's co-chief operating officers, will serve as interim co-CEOs for the time being.

"Sanjiv has shown great leadership in bringing the LightSquared vision to this point, including leveraging his experience in the telecom industry to sign dozens of critical partnerships across the country," Harbinger founder Philip Falcone said.

LightSquared also announced that Falcone has joined its board of directors. Harbinger has invested some $3 billion—more than half of its assets under management—in LightSquared, which earlier this month learned that the Federal Communications Commission would not approve its planned 4G network due to interference issues with global positioning systems. Falcone said that LightSquared remained "committed to working with the appropriate entities to find a solution to the recent regulatory issues," although it may be alone in believing that those issues are soluble.

Falcone himself is a subject of a Congressional investigation and has been accused by Sen. Charles Grassley (R-Iowa) of offering a bribe in exchange for the end of the probe.

In Depth

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...