spacetoday.net: Loral head Schwartz to retire

Loral head Schwartz to retire

Posted: Fri, Feb 3, 2006, 6:52 AM ET (1152 GMT)

Bernard Schwartz, chairman and CEO of Loral Space and Communications and its predecessor firm since 1972, announced Wednesday that he will retire from the company next month. The 80-year-old Schwartz said that several factors, including not just his age but the reemergence of his company form Chapter 11 bankruptcy protection and the relisting of his company's stock on NASDAQ, led to his decision to retire from the company. Schwartz sold Loral's defense-related businesses to Lockheed Martin in 1996, reshaping the company primarily as a satellite manufacturer and operator. The company fell into Chapter 11 in 2003 because of debts piled up from its investment in Globalstar. Loral tapped Michael B. Targoff, vice chairman of Loral's board, to succeed Schwartz as CEO; Mark H. Rachesky will become non-executive chairman.