Viasat Announces Senior Executive Team Restructure to Enhance Long-Term Growth Strategy

Viasat announces executive restructuring for growth, appointing Craig Miller and Girish Chandran to new roles, while Guru Gowrappan departs.

Quiver AI Summary

Viasat, Inc. has announced a restructuring of its Senior Executive Team to enhance long-term growth prospects. As of January 22, Craig Miller will transition from President of Global Space Networks to Senior Vice President of Strategic Initiatives, collaborating with CEO Mark Dankberg on growth strategies. Girish Chandran will become President of Global Space Networks, retaining his role as CTO, bringing over 25 years of experience. Guru Gowrappan, currently President, will depart the company after aiding in the transition following his leadership during the integration of Inmarsat. The company has no plans to replace the President role and has reaffirmed its fiscal year 2025 financial guidance.

Potential Positives

The restructuring of the Senior Executive Team signals a proactive approach to enhance the company's strategic growth initiatives.
Craig Miller's new role as Senior Vice President, Strategic Initiatives, indicates a focus on long-term growth and leadership continuity.
The company is reaffirming its fiscal year 2025 financial guidance, indicating stability and confidence in future performance post-acquisition of Inmarsat.

Potential Negatives

The departure of President Guru Gowrappan may signal instability or leadership challenges within the company, particularly after an important acquisition, which could affect investor confidence.
The decision not to replace the role of President following Gowrappan's departure might indicate a lack of direction or clarity in the company's leadership structure.
The restructuring of the Senior Executive Team could imply that the company is facing challenges in aligning its leadership with its strategic objectives, raising concerns about future performance.

FAQ

What changes were announced in Viasat's Senior Executive Team?

Viasat announced the restructuring of its Senior Executive Team, highlighting new roles for Craig Miller and Girish Chandran.

Who is the new Senior Vice President at Viasat?

Craig Miller has been appointed as Senior Vice President of Strategic Initiatives at Viasat.

What position does Girish Chandran hold after the reorganization?

Girish Chandran will take on additional responsibilities as President of Global Space Networks.

Why is Guru Gowrappan leaving Viasat?

Guru Gowrappan is leaving Viasat after a successful integration of Inmarsat, serving in an advisory role through April.

Is Viasat changing its financial guidance for fiscal year 2025?

No, Viasat is reaffirming its fiscal year 2025 financial guidance as previously announced.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$VSAT Congressional Stock Trading

Members of Congress have traded $VSAT stock 1 times in the past 6 months. Of those trades, 1 have been purchases and 0 have been sales.

Here’s a breakdown of recent trading of $VSAT stock by members of Congress over the last 6 months:

REPRESENTATIVE DEBBIE WASSERMAN SCHULTZ purchased up to $15,000 on 10/23.

To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard.

$VSAT Insider Trading Activity

$VSAT insiders have traded $VSAT stock on the open market 8 times in the past 6 months. Of those trades, 2 have been purchases and 6 have been sales.

Here’s a breakdown of recent trading of $VSAT stock by insiders over the last 6 months:

PINCUS (CAYMAN) GLOBAL GROWTH GP LLC WARBURG sold 2,811,443 shares for an estimated $55,947,715
TRITON CO-INVEST, L.P. WP sold 2,811,443 shares for an estimated $55,947,715
TEACHERS PENSION PLAN BOARD ONTARIO sold 2,811,442 shares for an estimated $55,947,695
INVESTMENT BOARD PRIVATE HOLDINGS (4) INC. CPP sold 2,811,442 shares for an estimated $55,947,695
LUXTOPHOLDING SARL TRITON sold 2,811,442 shares for an estimated $55,947,695
RICHARD A BALDRIDGE has made 2 purchases buying 55,000 shares for an estimated $820,000 and 0 sales.
MARK J MILLER (EVP, Chief Technical Officer) sold 3,564 shares for an estimated $32,824

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

$VSAT Hedge Fund Activity

We have seen 125 institutional investors add shares of $VSAT stock to their portfolio, and 95 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

WARBURG PINCUS LLC removed 2,811,443 shares (-25.1%) from their portfolio in Q3 2024, for an estimated $33,568,629
ONTARIO TEACHERS PENSION PLAN BOARD removed 2,811,442 shares (-24.8%) from their portfolio in Q3 2024, for an estimated $33,568,617
CANADA PENSION PLAN INVESTMENT BOARD removed 2,811,442 shares (-24.8%) from their portfolio in Q3 2024, for an estimated $33,568,617
BAUPOST GROUP LLC/MA removed 1,536,774 shares (-11.2%) from their portfolio in Q3 2024, for an estimated $18,349,081
FPR PARTNERS LLC removed 1,523,535 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $18,191,007
GOLDMAN SACHS GROUP INC added 1,206,786 shares (+401.3%) to their portfolio in Q3 2024, for an estimated $14,409,024
BLACKROCK, INC. added 1,137,850 shares (+7.7%) to their portfolio in Q3 2024, for an estimated $13,585,929

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

Full Release

CARLSBAD, Calif., Jan. 22, 2025 (GLOBE NEWSWIRE) -- Viasat, Inc. (NASDAQ: VSAT), a global leader in satellite communications, today announced a restructuring of its Senior Executive Team to better position the company for long-term growth.

Effective today, January 22, Craig Miller, currently President of Global Space Networks, will become Senior Vice President, Strategic Initiatives. In his new role, Miller will work closely with Mark Dankberg, Viasat’s Chairman of the Board and CEO, regarding strategic growth initiatives. Girish Chandran, currently Chief Technology Officer, will take on additional responsibilities as President of Global Space Networks. Girish brings over 25 years of experience in satellite systems and technology to lead our Global Space Networks organization.

Additionally, as part of the reorganization, Guru Gowrappan, currently President, will be leaving the company, after serving in an advisory role through April to ensure a smooth transition. Gowrappan’s mutually agreed upon departure comes on the heels of leading the successful integration phase of Viasat’s acquisition of Inmarsat. Moving forward, the company has no current plans to replace the role of President.

“We are appreciative of Guru’s leadership integrating Inmarsat and achieving accelerated synergies,” said Dankberg. “Guru built a great team, oversaw consolidation of operations, and we wish him continued success in his future endeavors.”

Gowrappan added, “Leading Viasat through the successful integration of Inmarsat and playing a key role in positioning the company for future growth has been an incredibly rewarding journey. As I transition to my next chapter, I take pride in what we have accomplished together and look forward to seeing Viasat continue to thrive and make a meaningful impact around the world.”

The company is reaffirming fiscal year 2025 financial guidance, as shared during the last quarterly earnings announcement on November 6, 2024.

About Viasat
Viasat is a global communications company that believes everyone and everything in the world can be connected. With offices in 24 countries around the world, our mission shapes how consumers, businesses, governments and militaries around the world communicate and connect. Viasat is developing the ultimate global communications network to power high-quality, reliable, secure, affordable, fast connections to positively impact people's lives anywhere they are—on the ground, in the air or at sea, while building a sustainable future in space. In May 2023, Viasat completed its acquisition of Inmarsat, combining the teams, technologies and resources of the two companies to create a new global communications partner. Learn more at www.viasat.com , the Viasat News Room or follow us on Facebook , Instagram , LinkedIn , X or YouTube .

Forward-Looking Statements
This press release contains forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. Forward-looking statements include, among others, statements that refer to reaffirming the company’s fiscal year 2025 financial guidance and its positioning for future growth. Readers are cautioned that actual results could differ materially from those expressed in any forward-looking statements. Factors that could cause actual results to differ include: our ability to realize the anticipated benefits of the ViaSat-3 class satellites and any future satellite we may construct or acquire; unexpected expenses related to our satellite projects; our ability to successfully implement our business plan for our broadband services on our anticipated timeline or at all; capacity constraints in our business in the lead-up to the launch of services on our ViaSat-3 satellites; risks associated with the construction, launch and operation of satellites, including the effect of any anomaly, operational failure or degradation in satellite performance; our ability to successfully develop, introduce and sell new technologies, products and services; changes in the global business environment and economic conditions; our reliance on a limited number of third parties to manufacture and supply our products; increased competition; and our level of indebtedness and ability to comply with applicable debt covenants. In addition, please refer to the risk factors contained in our SEC filings available at www.sec.gov , including our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update or revise any forward-looking statements for any reason.

CONTACTS:
Lisa Curran/Peter Lopez, Investor Relations, [email protected]
Jonathan Sinnatt, External Communications, [email protected]