Wednesday, 30 July 2014
Last updated 3 hours ago
Mar 1 2012 | 4:00am ET
Harbinger Capital Management's embattled wireless Internet venture already has a man in mind for its vacant CEO's seat, just days after its most recent chief resigned.
LightSquared may hire former Sprint Nextel Chairman Timothy Donahue as it seeks to convince regulators to allow its proposed network to move forward. The Federal Communications Commission last month said it would not approve LightSquared's plans due to interference with global positioning systems, but yesterday agreed to give the company another two weeks to respond to its decision.
Battles over spectrum are nothing new for Donahue who, as CEO of Nextel prior to its merger with Sprint, worked with the FCC to deal with concerns that Nextel's network would interfere with public safety systems. That background is a factor in LightSquared's interest in Donahue, Reuters reports.
In addition, Donahue's former company—he retired in 2006—is LightSquared's most important customer.
Sanjiv Ahuja, LightSquared's first CEO, stepped down on Tuesday, although he remains the company's chairman.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…