SES announces major reshuffle at top of company

Luxembourg-based satellite operator SES has announced a dramatic reshuffle at the top of the company, replacing both its chief executive and CFO.

Karim Michel Sabbagh, who has led the company since April 2014, has stepped down from his role as president and chief executive with effect from the next annual general meeting (AGM) on 5 April.

He is leaving his position to spend time with his family and "pursue new interests", the company said on Monday. 

Padraig McCarthy, CFO at SES since 2013, has also informed the board he intends to retire in 2018 and will step down after the April AGM.

Steve Collar, chief executive at SES Networks, will replace Sabbagh as president and chief executive of SES.

He has become CEO-designate with immediate effect.

Andrew Browne will return as the next CFO of SES, immediately becoming CFO-designate.

He was until recently CFO of O3b Networks and previously CFO at SES between 2010 and 2013.

SES chairman Romain Bausch said he was "extremely excited" about Collar and Browne taking up positions at the helm of the company.

"They each have extensive experience with SES and the broader satellite industry, especially also as the architects of O3b, the fastest growing and most successful satellite start-up," Bausch said.

"We have confidence that, with our leadership team, our industry position, our solid balance sheet and our differentiated assets and capabilities, we are well positioned to deliver on our objectives."

The other members of the executive committee all remain in place.

The company said Collar's successor at SES Networks would be appointed in due course.