Luxembourg, June 17, 2013 – SES (NYSE Euronext Paris and Luxembourg Stock Exchange: SESG) announced today that the company’s President and CEO Romain Bausch informed the Board of Directors that he plans to step down from his position at the next annual general meeting of shareholders in April 2014. In its meeting last week, the Board has appointed Karim Michel Sabbagh as the successor to Romain Bausch. Mr Sabbagh will join the company on September 1st as CEO Designate and, following a transition period, will officially take up the position of President and CEO on April 3, 2014.
Karim Michel Sabbagh, aged 49, has been a member of the Board of Directors of SES as well as of its Audit and Risk Committee since April 2011. Until recently he was a Senior Partner and served as global and regional practice leader for Communications, Media and Technology along with other leadership forums at Booz & Company which he joined in 1998. Mr Sabbagh was based in Dubai over the past 15 years. He is widely recognised for his vast expertise in the industry and for his focus on the emerging markets.
At Board and Chief Executive levels, Mr. Sabbagh has shaped and served the strategic agenda of global players in the communications, media and satellite sectors. He has led multinational teams in long-term, large-scale privatisations, international expansion, mergers and acquisitions, growth acceleration and strategy-based transformation programmes. He was also directly responsible for the structuring of global companies and played an essential role in building their capabilities over multi-year programmes.
Romain Bausch, who will turn 60 in July 2013, has been President and CEO of SES since 1995. Before joining the company, Mr Bausch had a distinguished career in the Luxembourg Ministry of Finance and occupied key positions in the banking, media and communications sectors. He was appointed in April this year to the Board of Directors of SES, where he will continue to serve as a non-executive Director.
René Steichen, Chairman of the Board of SES, stated: “Romain’s decision to retire as President and CEO will bring an end to an almost 20-year tenure during which the company grew from a European Direct-To-Home Satellite System with 4 satellites into a leading satellite industry player operating a global fleet of more than 50 satellites. Romain’s vision, leadership, exceptional institutional relationship-building and commitment to the company have enabled this outstanding achievement.”
“By appointing Karim Michel Sabbagh, the Board has ensured a strong succession and a flawless transition. Karim’s vast knowledge of our industry, his experience in the emerging markets as well as his management skills will further enable the company’s growth potential. We are confident that, under Karim’s leadership, SES’ management and employees will continue to drive innovation and quality of service to support our customers and business partners and create shareholder value.”
Material prepared by SES satellite operator