Sats CEO Alex Hungate resigns

SATS S58  : S58 0%president, chief executive officer and executive director Alex Hungate is calling it quits after eight years in charge of the food solutions and gateway services provider.

In a bourse filing on Friday, Sats said Mr Hungate will be leaving the company in December to take up "a new role in a different industry".

"After eight purposeful years at the helm of Sats, I feel that now is the right time to hand over to new leadership," Mr Hungate said.

"Together, our dedicated and experienced team has ensured that the company is well-positioned for the future, as our growth initiatives gain traction and markets start to recover from the pandemic," he added.

Mr Hungate joined Sats as an independent director in July 2011, became an executive director in July 2013, and assumed his current role as president and CEO in January 2014.

"We thank Alex for his exemplary leadership over the years and, in particular, for steering the company through this challenging crisis so effectively. We wish him well in his future endeavours," said Sats chairman Euleen Goh.

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"The board has in place succession plans which will be activated to ensure a smooth leadership transition," she added. "Further announcements in this regard will follow shortly."

Shares of Sats closed S$0.06 or 1.4 per cent lower at S$4.10 on Friday, before the announcement.