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Fred Landman, president and CEO of PanAmSat Corp. (SPOT), tendered his resignation last week in an unexpected move that will lead to his replacement April 1 by chief operating officer Douglas Kahn.
Landman, who will retain his seat on PanAmSat's board, gave no prior indication that he planned to leave, but his substantial stock holdings in the company are valued at upward of $70 million dollars and give him little incentive to keep working for personal financial reasons. Officially, Landman "decided to step down from his current operational duties for personal reasons," analysts speculate that PanAmSat's poor stock performance during the past year may have put intensified pressure on him from 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 last week...