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TerreStar Chairman Abbruzzese Steps Down
Jared “Jerry” Abbruzzese stepped down Jan. 22 as chairman of the board for TerreStar Networks Inc. and chairman of TerreStar Global Ltd., the majority-owned subsidiaries of Motient Corp. announced.
The resignation, which comes two months after Terrestar Networks signed a contract with Arianespace for the launch of its TerreStar-1 satellite, was described as “unusual” by investment analyst J. Armand Musey of Near Earth LLC.
"You would think they would want him around to carry through on the [company’s] articulated vision.
"I don"t know what to make of it yet,” Musey said. “I think a lot more will be made clear in the next few days, whether they announce a high-powered replacement or let [the position] languish.”
Abbruzzese will serve on a board of advisors yet to be established for TerreStar Global, Motient said.
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