Maxar Technologies Chief Financial Officer Biggs Porter to Retire in 2023
September 15 2022 - 4:15PM
Business Wire
Maxar Technologies (NYSE:MAXR) (TSX:MAXR), a provider of
comprehensive space solutions and secure, precise, geospatial
intelligence, today announced that Executive Vice President and
Chief Financial Officer (CFO) Biggs Porter intends to retire from
the Company sometime in 2023 and will remain in a consulting role
following his retirement through March of 2024 to assist with the
transition of the CFO office.
Maxar has initiated a search process to identify the company’s
next CFO. Porter will continue as CFO until a successor is
appointed and will assist with the process in order to ensure a
seamless transition.
“Biggs has been instrumental in driving Maxar’s growth and
financial transformation over the last several years,” said Maxar
Chief Executive Officer Dan Jablonsky. “Under Biggs’ leadership,
Maxar has reduced leverage, generated topline growth, margin
expansion and significantly increased free cash flow. Thanks to his
contributions, we have strengthened Maxar’s place as a global space
leader and better positioned the company for long-term growth and
value creation. On behalf of the Board and management team, I want
to thank Biggs for his dedication to Maxar and I look forward to
working together with him as we transition to a new CFO.”
“It has been extremely rewarding to have been a part of such a
great team and such an innovative and impactful company,” said
Porter. “With the progress we have made on our strategic growth
plans, I am confident now is the right time to begin this
transition. I look forward to seeing its continued success.”
Porter joined Maxar Technologies in August 2018 as Executive
Vice President and Chief Financial Officer. During his tenure,
Maxar successfully monetized assets and completed an equity
offering, using proceeds to reduce debt, and recently completed a
refinancing that has resulted in an improved capital structure and
greater financial flexibility for Maxar. Porter also increased
financial discipline and led the introduction of new financial
tools and processes.
Prior to Maxar, Porter spent five years as Executive Vice
President and CFO at Fluor Corporation, and six years as CFO of
Tenet Healthcare Corp. Earlier in his career, he held leadership
positions at Raytheon, Northrop Grumman and TXU. He was twice named
one of the 100 most influential people in finance by Treasury and
Risk Magazine and was named multiple times in two different
industries as a leading CFO by Institutional Investor magazine,
including most recently at Maxar.
About Maxar
Maxar Technologies (NYSE:MAXR) (TSX:MAXR) is a provider of
comprehensive space solutions and secure, precise, geospatial
intelligence. We deliver disruptive value to government and
commercial customers to help them monitor, understand and navigate
our changing planet; deliver global broadband communications; and
explore and advance the use of space. Our unique approach combines
decades of deep mission understanding and a proven commercial and
defense foundation to deploy solutions and deliver insights with
unrivaled speed, scale and cost effectiveness. Maxar’s 4,400 team
members in over 20 global locations are inspired to harness the
potential of space to help our customers both create a better
world. Maxar trades on the New York Stock Exchange and Toronto
Stock Exchange as MAXR. For more information, visit
www.maxar.com.
Forward-Looking Statements
This press release may contain forward-looking statements that
reflect management's current expectations, assumptions and
estimates of future performance and economic conditions. Any such
forward-looking statements are made in reliance upon the safe
harbor provisions of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. The Company
cautions investors that any forward-looking statements are subject
to risks and uncertainties that may cause actual results and future
trends to differ materially from those matters expressed in or
implied by such forward-looking statements, including those
included in the Company’s filings with U.S. securities and Canadian
regulatory authorities. The Company disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events, or
otherwise, other than as may be required under applicable
securities law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220915005935/en/
Investor Relations Contact: Jonny Bell Maxar Investor
Relations 1-303-684-5543 jonny.bell@maxar.com
Media Relations Contact: Fernando Vivanco Maxar Media
Relations 1-720-877-5220 fernando.vivanco@maxar.com
Maxar Technologies (NYSE:MAXR)
Historical Stock Chart
From Sep 2024 to Oct 2024
Maxar Technologies (NYSE:MAXR)
Historical Stock Chart
From Oct 2023 to Oct 2024