ABS today announced that co-founder and Chief Executive Officer, Thomas (Tom) Choi, is transitioning his role as CEO to that of Director on the Board so that he can pursue other interests and opportunities. Tom will continue to support the company as a Director on the Board and he remains a significant investor in the business.
ABS current chairman, and industry veteran of more than 30 years, Jim Frownfelter, will become interim CEO. Jim and majority owners, Permira, have commenced a search for a new CEO and intend to make an announcement in the near future.
Commenting on the announcement, Jim Frownfelter, said, "I would like to thank Tom for his immense hard work in getting ABS to where it is today. Tom co-founded the company in 2005, successfully built it to become a major global player and has been widely acknowledged in the industry for his pioneering achievements. ABS executive committee supports Tom’s decision and values the continued access to his expert counsel and insights that will continue to support the firm into the future.”
Tom Choi said, "It was an incredible experience and a wonderful time. ABS is one of the very few privately owned companies that became a global satellite operator with customers and operations on every continent. Our start buying existing in-orbit satellites, raising over US$200 million in condosat financing to build ABS-2 and then building the all-electric satellites which were dual-stacked (ABS-2A and ABS-3A) on a Faclon-9, highlights just some of the our achievements over the years. I wish to thank our customers, partners, vendors, employees and investors as I move on to other interesting projects and I look forward to serving the ABS team in my directorship role.”