Stephen Spengler will retire as soon as a successor has been found, after 18 years at the helm of Intelsat. Photo: Intelsat

Stephen Spengler will retire as soon as a successor has been found, after 18 years at the helm of Intelsat. Photo: Intelsat

After leading the difficult battle against bankruptcy, the CEO of Intelsat, a satellite operator whose European headquarters are in Kirchberg, Stephen Spengler, has announced that he will retire as soon as the company has found a successor.

It has been an uphill battle. After years of debt and a changing market, Spengler brought Intelsat out of bankruptcy proceedings after months of negotiations with creditors.

On Friday, he announced his withdrawal in a . “We are nearing the conclusion of our restructuring with enhanced financial strength and are ideally positioned to embark on an exciting new business strategy for the next generation of 5G network connectivity,” said Spengler. “This is the right moment to make my retirement plans clear so that work can begin on identifying a new leader for the long term.”

After 18 years at the helm of one of the world’s leading satellite companies, he will wait until Egon Zehnder, the world’s largest headhunting firm, has found a replacement.