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LightSquared CEO Quits

LightSquared declared on Tuesday that the Chairman and CEO Mr Sanjiv Ahuja has resigned from the post of CEO but will hold his position as the Chairman.

The company is in search of a new Chief executive officer so as to resume the proceedings of its ongoing efforts to come up with a high-quality 4G cellular network countrywide.

Meanwhile, the acting chief financial officer Marc Montagner and chief network officer Doug Smith will be serving as the interim co-chief executives until the board decides on a permanent replacement for Ahuja, LightSquared revealed yesterday.

However, the company is not disclosing the name of the person whom they are considering for position of the next CEO. There will be a board meeting of the company on Thursday to discuss upon the preferable candidates.

In related developments, the officials at FCC have stated that Lightsquared's network would interfere with the Global positioning system devices. LightSquared has said that there has been a biased-approach on the part of the authorities while conducting the tests and also added that the Global positioning system device manufacturers must pay for filters for protecting their device from the problem of signal interference.

[Source: The Wall Street Journal]