S&P Global Market Intelligence presents a rundown of recent board changes in the U.S. technology, media and telecommunications industries.
* Globalstar Inc., a provider of mobile satellite telecommunications services, entered into a settlement agreement with Mudrick Capital Management LP, Warlander Asset Management LP and other litigation parties. Under terms of the settlement, three new executives will be added to Globalstar's board. Keith Cowan, Ben Wolff and Mike Lovett will be appointed immediately, replacing three existing board members who volunteered to step down from their positions. Cowan and Wolff, who will be designated minority directors, will also be added to a newly established standing strategic review committee. In April, Globalstar signed a merger agreement with Thermo Cos.' metro fiber provider FiberLight LLC and agreed to buy several other assets. Mudrick Capital, the largest independent shareholder of Globalstar, said the merger was "unfair" and filed a complaint in Delaware's Court of Chancery. Globalstar later terminated the deal.
* Boingo Wireless Inc. approved an increase in the number of its board members to eight from seven and appointed Michele Choka as a board member and to the compensation and audit committees. Choka's term will expire at the 2019 annual stockholders meeting. Choka serves as vice president of human resources at HighPoint Resources, a successor to the Bill Barret Corp., a development and exploratory property company.
* Frontier Communications Corp. added Robert Schriesheim and Michael McDonnell to its board of directors, according to a Dec. 12 news release. Meanwhile, Leroy Barnes, one of the board’s longest-serving members, will retire from the board, effective May 7, 2019. Schriesheim serves on the boards of Skyworks Solutions Inc., Houlihan Lokey Inc. and NII Holdings Inc. McDonnell is executive vice president and CFO of IQVIA Holdings Inc.
* Thomas Dannenfeldt resigned as a director of T-Mobile US Inc. On Nov. 30, the board elected Christian Illek to replace Dannenfeldt. Illek will also succeed Dannenfeldt on the compensation, executive and transaction committees of the board.
Technology and media
* Michael Kraft stepped down as president and CEO of Lingo Media Corp. and accepted the position of board chairman. COO Gali Bar-Ziv will now serve as president and CEO and was appointed to Lingo's board. The management changes followed the company's annual and special shareholders meeting Dec. 11. At the meeting, shareholders re-elected Jerry Grafstein, Robert Martellacci, Martin Bernholtz, Tommy Weibing Gong and Kraft as directors.
* Mary Junck, currently executive chairman of Lee Enterprises Inc.'s board, will assume the chairman role after the company's annual shareholders meeting, according to a Dec. 10 news release. Junck became executive chairman in 2016 as part of a transition plan under which COO Kevin Mowbray was promoted to president and CEO of the company.
* The Wonderfilm Media Corp. agreed to buy 100% of Starbury Media from Sun Seven Stars Investments Group, a 34% stake in Grapevine Logic Inc. and a slate of production script packages from WOL Productions Inc. in an arm's length transaction for C$30 million. Subject to regulatory approval, Stephan Marbury will be named board chairman and Kirk Shaw will continue to serve as Wonderfilm CEO. Marbury will also be the CEO of the sports media division. The company's board will consist of Marbury, Shaw, Avis Zhu, Norman Tsui, Dennis Nerland and one new director to be appointed later.
* Paul Cappuccio and Douglas Shapiro resigned from Central European Media Enterprises Ltd.'s board, effective Dec. 4. Trey Turner was appointed a new director of the company.