spacetoday.net: Space Imaging CEO resigns as Lockheed, Raytheon write off investments

Posted: Sat, Jan 25, 2003, 12:10 PM ET (1710 GMT)
John Copple, the CEO of commercial remote sensing firm Space Imaging, resigned on Friday, the same day that two corporate backers wrote off their investments in the company. Space Imaging announced Friday that Copple was resigning "to pursue other opportunities" but would continue his relationship with the company as a consultant. Copple will be replaced on an interim basis by Robert Dalal, the vice president and CFO of the company. The announcement came the day as two companies which own over three-quarters of Space Imaging, Lockheed Martin and Raytheon, announced they were writing off loan guarantees they had provided to space Imaging. Raytheon, which owns 31 percent of Space Imaging, took a $175 million charge while Lockheed Martin, which owns 46 percent, took a $106 million charge.