Iridium Announces New Chief Executive

Tuesday, September 17, 2002
Stephen N. Carroll has assumed the position of President and CEO of Iridium Holdings, parent company of Iridium Satellite LLC. Gino Picasso, President and CEO of Iridium Satellite LLC will remain in his current position and report to Carroll. New President and CEO Stephen Carroll said, "I am honored to have the opportunity to lead Iridium further down the road of success. Iridium is one of the best kept secrets in satellite communications and I look forward to working with the Iridium team to further our aggressive growth in the global marketplace." Before joining Iridium, Carroll most recently was a co-investor with the Soros Private Equity Group where he served as Chairman of Storm Telecommunications of New York and London as well as Chairman of ACCESS 7, a Germany-based VPN/IP telecommunications company. He has also served as President of WorldCom International (formerly IDB Worldcom) and as an investor and entrepreneur in several domestic and international telecommunications ventures including LCR, which was later sold to Primus Communications. In his new capacity, Carroll will direct all aspects of Iridium Holdings LLC, including service provider relations, product development and delivery, and geographic and vertical market outreach and cultivation both in the U.S. and abroad.

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