P.J. Beylier Resigns as CEO of Speedcast

London, UK, Feb 3, 2020-The Board of Speedcast International Limited (ASX:SDA) (FRA:7SC) (OTCMKTS:SPPDF), a provider of remote communication and IT solutions,  has accepted the resignation of PJ Beylier as CEO, effective from February 1, 2020.

While the preliminary view of the FY19 result is a little greater than 10% below the Company's previous guidance, that result includes a number of items (such as procurement savings and sale of minor surplus assets) that do not directly contribute to ongoing earnings. In light of the disappointing preliminary FY19 result, the Board accepted PJ Beylier's resignation from his role. He remains available to support the management team and the interim leadership over the next three months.

Commenting on his resignation, PJ Beylier said "2019 was a challenging year for Speedcast. The quality of the financial result is not in line with the Board and management's expectations, which I take responsibility for and have therefore decided to resign. I want to thank all our employees for their amazing passion and hard work over the past 20 years that has made it possible to build together the global service leader that Speedcast has become. I remain excited about Speedcast's future; as the company continues to execute on its operational improvement plans, it will be able to leverage the unique platform it has built and generate growth."

A global search for Speedcast's new CEO has commenced with Russell Reynolds, with a particular focus on Europe and the US for candidates. In the interim, existing Board Directors Peter Shaper and Joe Spytek have agreed to act as co-CEOs of the company. Peter and Joe will also continue as Directors.