Feeds

Iridium CFO bails out

Management turns to turnaround agency for help

  • alert
  • submit to reddit

Secure remote control for conventional and virtual desktops

Iridium CFO Leo Mondale has quit the company barely five months after taking on that role and given tacit acknowledgement to the very real difficulties the company has had sorting out its survival. "I accepted the CFO position to support Iridium's efforts to bring about an out-of-court restructuring," said Mondale. "Since this is no longer possible, it is appropriate for me to step down and let the new management team, with reorganisation experience, take over." The "out-of-court restructuring" refers to the cellphone-by-satellite company's attempts to persuade both banks and backers to give it room to reorganise its way out of trouble. The approach clearly failed, in as much as Iridium is now only safe from its creditors through Chapter 11 bankruptcy protection, taken out on 13 August. That said, Mondale's exit does show that Iridium's restructuring arguments may be winning the day. Mondale's successor is one David Gibson, a managing director at Alverez & Marshal, a New York-based operation the specialises in sorting out problem companies. Gibson's fellow MD, Joseph Bondi, was named Chief Restructuring Officer, by Iridium. Still, the fact Iridium needs outside help for its restructure suggests the current management team, led by CEO John Richardson (previously just interim CEO), is running out of ideas about how to turn the company round. ®

New hybrid storage solutions

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
Top 5 reasons to deploy VMware with Tegile
Data demand and the rise of virtualization is challenging IT teams to deliver storage performance, scalability and capacity that can keep up, while maximizing efficiency.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.