SES president and CEO Romain Bausch has informed the company’s board of directors that he plans to step down from his position at the next shareholder AGM, due to take place in April 2014.
At its meeting last week, the Board appointed Karim Michel Sabbagh as his successor.
He will join the company on September 1 as CEO designate and following a transition period take up the position on April 3 next year.
Sabbagh has been a member of the Board of Directors of SES and of its Audit and Risk Committee since April 2011.
Bausch has been president and CEO of SES since 1995. He was appointed this April to the Board of Directors of SES, where he will remain as a non-executive director.
Commenting on Bausch’s decision to step down, René Steichen, chairman of the board of SES, said: “Romain’s decision to retire as President and CEO will bring an end to an almost 20-year tenure during which the company grew from a European Direct-To-Home Satellite System with four satellites into a leading satellite industry player operating a global fleet of more than 50 satellites. Romain’s vision, leadership, exceptional institutional relationship-building and commitment to the company have enabled this outstanding achievement.”
“By appointing Karim Michel Sabbagh, the Board has ensured a strong succession and a flawless transition. Karim’s vast knowledge of our industry, his experience in the emerging markets as well as his management skills will further enable the company’s growth potential. We are confident that, under Karim’s leadership, SES’ management and employees will continue to drive innovation and quality of service to support our customers and business partners and create shareholder value.”
