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Fred Landman, president and CEO of PanAmSat Corp. (SPOT), is resigning from the company and will be replaced April 1 by chief operating officer Douglas Kahn. Landman will retain his seat on PanAmSat's board.
Officially, Landman "decided to step down from his current operational duties for personal reasons." But analysts tell us that PanAmSat's poor stock performance during the past year has not sat well with parent company Hughes Electronics Corp. (GMH). Indeed, Armand Musey, a satellite analyst with C.E. Unterberg, Towbin, said PanAmSat's abrupt move of calling an analysts' meeting this morning and the company's unexpected announcement of the change after stock market trading closed yesterday suggests Landman's move out of the executive suite was not amicable.
"Hughes has been rumored to be disappointed with PanAmSat results over the past year, after...