Iridium Communications Inc. Announces Executive and Director Changes
Ticker: IRDM · Form: 8-K · Filed: Feb 7, 2025 · CIK: 1418819
Sentiment: neutral
Topics: executive-changes, director-changes, compensation
Related Tickers: IRDM
TL;DR
IRDM board shakeup and exec comp changes filed today.
AI Summary
Iridium Communications Inc. announced on February 6, 2025, changes in its executive and director roles. The filing details the departure of a director, the election of a new director, and the appointment of a new officer, along with updates to compensatory arrangements for certain officers.
Why It Matters
Changes in key leadership and executive compensation can signal shifts in company strategy or financial priorities, impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Executive and director changes, especially when accompanied by compensatory arrangement updates, can introduce uncertainty regarding future strategy and financial direction.
Key Players & Entities
- Iridium Communications Inc. (company) — Registrant
- February 6, 2025 (date) — Date of earliest event reported
- Delaware (jurisdiction) — State of incorporation
- McLean, VA (location) — Principal executive offices
FAQ
What specific roles have been affected by the changes reported in this 8-K?
This 8-K reports on the departure of a director, the election of a new director, and the appointment of a new officer.
When was the earliest event reported in this filing?
The earliest event reported in this filing occurred on February 6, 2025.
What is the state of incorporation for Iridium Communications Inc.?
Iridium Communications Inc. is incorporated in Delaware.
Where are Iridium Communications Inc.'s principal executive offices located?
The principal executive offices of Iridium Communications Inc. are located at 1750 Tysons Boulevard, Suite 1400, McLean, VA 22102.
Are there any details provided about the new compensatory arrangements?
The filing indicates that there are updates to compensatory arrangements of certain officers, but specific details are not elaborated within the provided text.
Filing Stats: 947 words · 4 min read · ~3 pages · Grade level 14 · Accepted 2025-02-07 16:46:14
Key Financial Figures
- $0.001 — ge on which registered Common Stock, $0.001 par value IRDM The Nasdaq Stock Marke
Filing Documents
- irdm-20250206.htm (8-K) — 28KB
- 0001628280-25-004441.txt ( ) — 152KB
- irdm-20250206.xsd (EX-101.SCH) — 2KB
- irdm-20250206_lab.xml (EX-101.LAB) — 22KB
- irdm-20250206_pre.xml (EX-101.PRE) — 13KB
- irdm-20250206_htm.xml (XML) — 3KB
From the Filing
irdm-20250206 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________ FORM 8-K ____________________________________________ CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) February 6, 2025 _____________________________________________ Iridium Communications Inc. (Exact name of registrant as specified in its charter) _____________________________________________ Delaware 001-33963 26-1344998 (State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.) 1750 Tysons Boulevard Suite 1400 McLean , VA 22102 (Address of principal executive offices) 703 - 287-7400 (Registrant's telephone number, including area code) _____________________________________________ Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below): Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.001 par value IRDM The Nasdaq Stock Market LLC Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Iridium 2025 Performance Bonus Plan On February 6, 2025, the Compensation Committee of the Board of Directors (the "Committee") of Iridium Communications Inc. (the "Company") approved the terms of the Company's 2025 Performance Bonus Plan (the "Iridium Bonus Plan"). Employees of the Company who are employed during the 2025 calendar year, including the Company's principal executive officer, principal financial officer and other named executive officers, are eligible to participate in the Iridium Bonus Plan, provided that a participant must be employed by, or in service to, the Company through the date bonuses are paid in order to be eligible to receive a bonus, except in the case of death, disability or a qualifying retirement, as set forth under the plan or as provided in an applicable severance plan or individual agreement, that occurs prior to the payment date. Pursuant to the Iridium Bonus Plan, each participant is eligible to receive an incentive bonus (the "Bonus Award") calculated in part by reference to a "Target Bonus Award" determined for such participant by the Committee. The Target Bonus Award is calculated by multiplying the participant's base salary earned during the 2025 calendar year by a Committee-approved Target Bonus Percentage. The Committee also established the Target Bonus Percentage (expressed as a percentage of earned base salary) under the Iridium Bonus Plan for each of the Company's principal executive officer, principal financial officer and two other named executive officers who are continuing to serve as executive officers in 2025, as set forth in the table below. Officer Title Target Bonus Percentage Matthew J. Desch Chief Executive Officer 100% Suzanne E. McBride Chief Operations Officer 80% Vincent J. O'Neill Chief Financial Officer 65% Scott T. Scheimreif Executive Vice President, Government Programs 65% The actual Bonus Award will be calculated by multiplying the Target Bonus Award by a corporate performance factor to be determined by the Committee based on the achievement of the following corporate performance goals in 2025: (i) Operational EBITDA, subject to enumerated exclusions; (ii) specified strategic goals; and (iii) specified network and quality metrics. The resulting amount may then be reduced or increased by the Committee based on a personal performance factor ranging from 0% to 150%. Any actual Bonus Award earned by any participant may not exceed 200% of the participant's Target Bonus Award. Restricted stock units equal in value to the first 60% of each executive officer's Target Bonus Award will be granted on March 1, 20