DigitalGlobe Announces Chief Financial Officer Transition
May 01 2014 - 4:03PM
Marketwired
DigitalGlobe Announces Chief Financial Officer Transition
Yancey Spruill to Step Down to Pursue Other Opportunities on
Oct. 1st
LONGMONT, CO--(Marketwired - May 1, 2014) - DigitalGlobe (NYSE:
DGI), a leading provider of commercial high-resolution earth
observation and advanced geospatial solutions, today announced that
company Chief Financial Officer, Yancey L. Spruill, will step down
as CFO on Oct. 1, 2014. DigitalGlobe has commenced a search to
identify a new CFO, and has retained Heidrick & Struggles, a
leading executive search firm, to assist with this process. Spruill
will continue in his role as CFO and will support the search for
his successor.
Spruill will be stepping down following a highly successful
ten-year career with the company, during which he played a key
leadership role in transforming DigitalGlobe from a small,
privately-held satellite imagery provider with $60 million in
revenue into an NYSE-listed leader in geospatial information with a
diversified customer base, unrivaled technology and $613 million in
revenue in 2013.
"Yancey's contributions to DigitalGlobe over the last decade have
been instrumental to our success," said Jeffrey R. Tarr,
DigitalGlobe CEO. "He built a finance organization with talented
professionals, led the company's 2009 initial public offering,
built a solid balance sheet, and played a key strategic and
financial role in our 2013 combination with GeoEye. The entire
DigitalGlobe team -- including the Board and management -- will
miss his insight and leadership. We wholeheartedly thank Yancey for
his contributions to making DigitalGlobe the company it is today,
and wish him continued success in the future."
Spruill said, "The last ten years have been profoundly gratifying
and enjoyable, and I am extremely proud of our accomplishments as a
team. I have deep appreciation for our DigitalGlobe team, our
customers, our Board and shareholders. I believe the company is
well positioned for continued success, and the timing is right for
me to begin to pursue other aspirations. As I prepare to start the
next chapter of my career, I am committed to ensuring a smooth
transition for DigitalGlobe."
Spruill joined DigitalGlobe in 2004 after a career as an investment
banker and as a manufacturing engineer, and has served as the
company's CFO during his entire tenure.
About DigitalGlobe DigitalGlobe is a leading provider of commercial
high-resolution earth observation and advanced geospatial solutions
that help decision makers better understand our changing planet in
order to save lives, resources and time. Sourced from the world's
leading constellation, our imagery solutions deliver unmatched
coverage and capacity to meet our customers' most demanding mission
requirements. Each day customers in defense and intelligence,
public safety, civil agencies, map making and analysis,
environmental monitoring, oil and gas exploration, infrastructure
management, navigation technology, and providers of location-based
services depend on DigitalGlobe data, information, technology and
expertise to gain actionable insight.
DigitalGlobe is a registered trademark of DigitalGlobe.
Safe Harbor Statement
Certain statements contained herein and in other of our reports,
filings, and public announcements may contain or incorporate
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, as amended.
Forward-looking statements relate to future events or future
financial performance. We generally identify forward-looking
statements by terminology such as "may," "will," "should,"
"expects," "plans," "anticipates," "could," "intends," "target,"
"projects," "contemplates," "believes," "estimates," "predicts,"
"potential," "continue" or "looks forward to" or the negative of
these terms or other similar words, although not all
forward-looking statements contain these words.
Any forward-looking statements are based upon our historical
performance and on our current plans, estimates and expectations.
The inclusion of this forward-looking information should not be
regarded as a representation by us that the future plans, estimates
or expectations will be achieved. Such forward-looking statements
are subject to various risks and uncertainties and assumptions. A
number of important factors could cause our actual results or
performance to differ materially from those indicated by such
forward looking statements, including: the loss, reduction or
change in terms of any of our primary contracts or decisions by
customers not to exercise renewal options; the availability of
government funding for our products and services both domestically
and internationally; changes in government and customer priorities
and requirements (including cost-cutting initiatives, the potential
deferral of awards, terminations or reduction of expenditures to
respond to the priorities of Congress and the administration, or
budgetary cuts resulting from Congressional committee
recommendations or automatic sequestration under the Budget Control
Act of 2011); the risk that U.S. government sanctions against
specified companies and individuals in Russia may limit our ability
to conduct business with potential or existing customers; the risk
that the anticipated benefits and synergies from the strategic
combination of the company and GeoEye, Inc. cannot be fully
realized or may take longer to realize than expected; the outcome
of pending or threatened litigation; the loss or impairment of any
of our satellites; delays in the construction and launch of any of
our satellites or our ability to achieve and maintain full
operational capacity of all our satellites; delays in
implementation of planned ground system and infrastructure
enhancements; loss or damage to the content contained in our
imagery archives; interruption or failure of our ground system and
other infrastructure, decrease in demand for our imagery products
and services; increased competition, including possibly from
companies with substantial financial and other resources and
services, that may reduce our market share or cause us to lower our
prices; our inability to fully integrate acquisitions or to achieve
planned synergies; changes in satellite imaging technology; our
failure to obtain or maintain required regulatory approvals and
licenses; changes in U.S. or foreign law or regulation that may
limit our ability to distribute our imagery products and services;
the costs associated with being a public company; and other
important factors, all as described more fully in our filings with
the Securities and Exchange Commission ("SEC"), including our
Annual Report on Form 10 K.
We undertake no obligation to update any forward-looking statement
to reflect events or circumstances after the date on which the
statement is made or to reflect the occurrence of unanticipated
events. Readers are cautioned not to place undue reliance on any of
these forward looking statements.
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