Michael B. Targoff, who has served as vice chairman of Loral's board since last November, has been elected chief executive officer, the company announced Thursday. The position of non-executive chairman will be assumed by Mark H. Rachesky.
Targoff, 61, is founder of Michael B. Targoff & Co., which has sought active or controlling investments in telecommunications and related industry early stage companies. He is chairman of the board of Communication Power Industries and Leap Wireless International, and serves as chairman of their audit committees. He also is a director of ViaSat and non-executive chairman of three private telecom companies.
Rachesky, 46, is a co-founder and the president of MHR Fund Management, managers of various private funds that invest in distressed and deeply undervalued middle-market companies. He currently serves as non-executive chairman of the board of directors of Leap Wireless International, and is on the board of directors of Emisphere Technologies, among others.
Bernard L. Schwartz, who is retiring as Loral's CEO effective March 1, said the knowledge about the company that Targoff has accumulated over his long relationship with Loral "will certainly serve the company well, and we are fortunate that he has accepted this new assignment.
"From 1981 to 1998, as general counsel, and ultimately as president and chief operating officer of Loral, Mickey displayed all the capabilities we value at Loral: a strong grasp of the complexities of the satellite industry, integrity, respect for our employees and the vision to build long-term value for our constituents."
