Intelsat’s new CEO David Wajsgras. Photo: Intelsat

Intelsat has named former Raytheon executive David Wajsgras as its next CEO, effective April 4. Wajsgras succeeds CEO Stephen Spengler, who was with the company for 18 years, and previously announced his plans to retire when the company completed Chapter 11 financial restructuring. 

Wajsgras has most recently worked as a partner at private equity firm Pine Island Capital Partners. He also served as president of the Intelligence, Information and Services (IIS) business at the former Raytheon Company, now part of Raytheon Technologies, and was chief financial officer of Raytheon as well. 

“Dave Wajsgras is a results-oriented leader with a great track record of performance throughout his career,” said Lisa Hammitt, chairperson of the Intelsat board of directors. “He develops talent and builds teams, thinks and acts strategically, and engages positively with customers and other stakeholders to the benefit of the business. Dave is just the right person to lead Intelsat at this important time.”

Intelsat’s announcement comes after the company emerged from bankruptcy at the end of February

. The company cut its debt by more than half, from approximately $16 billion to $7 billion. Intelsat is no longer publicly traded. 

The satellite operator plans to build a hybrid, multi-orbit, software-defined 5G network. It recently ordered two software-defined satellites from Thales Alenia Space, and has been investing in its in-flight connectivity (IFC) offering after acquiring Gogo’s commercial aviation department during the bankruptcy process. 

“Intelsat has a leading position in the market and a strong, global team of professionals,” Wajsgras commented. “While the company has made history over nearly 60 years, it’s Intelsat’s future that excites me most. With a focus on customers and a commitment to delivering on our promises, we’re ready to write the next chapter in the story of communications and connectivity.”

Hammitt thanked Spengler for his service and said the board members “owe great thanks to Steve for his tremendous contributions to the company for 18 years.”