Posted on: 12 March 2018 by Alexander Preston
Jeff Leddy has been appointed executive chairman and chairman of the Board of Global Eagle Entertainment, effective 1 April, 2018.
Leddy currently serves as chief executive officer, a position he’s held since February 2017, and will be succeeded in the role by Josh Marks, the current executive vice president of the Company’s connectivity segment.
As executive chairman, Leddy will continue to drive Global Eagle’s strategic vision, focusing on its major customers and stakeholders. “I have been very impressed with Global Eagle’s capabilities and am excited about our opportunity to be the leader in connectivity-enabled entertainment,” added Leddy. “With our recently announced investment from Searchlight Capital, we are well positioned to execute our strategic plan and drive significant growth.”
As chief executive officer, Marks will be responsible for the day-to-day execution of the business. “I am looking forward to having Josh in the CEO role as we continue to execute our multi-year strategic plan. I firmly believe that Josh’s passion for our industry and his leadership and entrepreneurial skillsets, as well as his track record of elevating performance, make him an exceptionally strong executive. He is the right person to lead our global team to achieve greater success for our customers, employees, and stakeholders,” remarked Leddy. He continued, “The Board and I are confident this will be a seamless transition.”
The change in management structure followed news of a US$150 million Investment from Searchlight Capital Partners, a global private investment firm.
Global Eagle intends to use $78 million to repay all existing revolving-credit facility debt.
Leddy commented, “We are pleased to announce this agreement with Searchlight and believe that this investment will significantly strengthen our liquidity and create a capital structure to support our growth initiatives, positioning us to deliver significant long-term shareholder value. Searchlight brings a wealth of technology and operational expertise, and we are excited to partner with them as we drive our company to the next level of performance and profitability.”