Post by highskier on Aug 29, 2023 15:11:21 GMT
The stk is currently up 22% on the news.
P/C Ratio 0.219.
P/C Ratio 0.219.
Globalstar Appoints Dr. Paul Jacobs as Chief Executive Officer; Announces Agreement to License XCOM Labs Technology
• Paul E. Jacobs, Ph.D., founder of XCOM Labs and former CEO and Executive Chairman of Qualcomm, has become CEO of Globalstar
• Matt Grob, Chief Technology Officer of XCOM and former CTO of Qualcomm, has also joined Globalstar as Chief Technology Officer; Grob and other key XCOM technologists are expected to drive Globalstar’s innovation in new and ongoing initiatives across both the satellite and terrestrial areas of the business
• Globalstar has exclusively licensed XCOM Labs’ technology to enhance its terrestrial wireless efforts, with the goal of accelerating and expanding its ability to develop commercial applications and enter a broader range of end markets
COVINGTON, La., August 29, 2023--(BUSINESS WIRE)--Globalstar, Inc. (NYSE American: GSAT) ("Globalstar") today announced that Paul E. Jacobs, Ph.D., founder and CEO of XCOM Labs and former CEO and Executive Chairman of Qualcomm, has been appointed CEO of Globalstar, effective immediately. Dr. Jacobs has also been appointed to Globalstar’s Board of Directors. He succeeds David Kagan, who will retire as Globalstar’s CEO.
Dr. Jacobs is an accomplished leader and innovator who brings to Globalstar deep wireless industry experience and a track record of driving innovation-led growth, including growing Qualcomm’s revenues from $5.7 billion to $25.7 billion as CEO from 2005 to 2014 while adding approximately $50 billion to its market capitalization. As Globalstar’s CEO, he will drive the Company’s ongoing strategic initiatives to develop and deploy innovative solutions across terrestrial and satellite for customers around the world.In conjunction with Dr. Jacobs’ appointment, Globalstar has also entered into a strategic perpetual licensing agreement for exclusive access to certain key XCOM technologies and personnel. The license covers a number of XCOM’s novel technologies for wireless spectrum innovations, including XCOMP, XCOM’s commercially available coordinated multipoint radio system. XCOMP delivers substantial capacity gains and other benefits in dense, complex, challenging wireless environments in sub 7 GHz spectrum. Globalstar also gains exclusive access to XCOM’s peer-to-peer connectivity technologies that could have applications across cellular and satellite devices.