By Connor Hart
Shares of Viasat were trading lower Wednesday afternoon, after the satellite-communications company disclosed changes to its leadership structure.
The stock was recently down 11%, to $10.56. Shares have gained 24% so far in 2025, though they are down 54% in the past 52 weeks.
The Carlsbad, Calif., firm said Guru Gowrappan will leave his role as president, effective Thursday. He will remain with the company in an advisory role through April 30, during which time he will continue to receive his current base salary of $1 million annually, according to a filing with the Securities and Exchange Commission.
Following the transition period, Gowrappan will receive severance pay and a lump sum cash payment of $250,000, according to the filing.
The company said it has no current plans to backfill Gowrappan's role, and that his mutually agreed upon departure comes after he helped complete the company's acquisition of Inmarsat.
Also on Wednesday, Viasat appointed Craig Miller as senior vice president of strategic initiatives. In the role, Miller, who most recently served as president of global space networks, will work closely with Chief Executive Mark Dankberg on strategic growth initiatives.
Girish Chandran, who currently serves as chief technology officer, will take on additional responsibilities as president of global space networks, the company said.
Space stocks were largely trading lower Wednesday: Space-exploration-company Intuitive Machines fell 2.3%, to $22.41; space-launch-company Rocket Lab declined 7.1%, to $29.07; space-equipment-manufacturer Redwire dropped 5.9%, to $21.01; Earth-imaging-company Planet Labs fell 4.3%, to $4.47; and space-based broadband company AST SpaceMobile declined 1.6%, to $22.72.
This come down follows a general rise on Tuesday, boosted by President Trump's promise to send American astronauts to Mars during his inaugural address.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
January 22, 2025 14:09 ET (19:09 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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