SES, a leading European satellite company, has announced the appointment of Elisabeth Pataki as its new finance chief. Pataki, a seasoned professional in the aerospace and defense industry, currently serves as the chief financial officer of L3Harris unit Aerojet Rocketdyne. She is set to join SES on June 16, taking over the role from Sandeep Jalan.
According to SES’s chief executive Adel Al-Saleh, Pataki’s experience in successful M&A finance integrations makes her a valuable addition to the company. SES, with over $5 billion in total debt as of last year, is in the process of acquiring Intelsat for $3.1 billion. This strategic move is aimed at competing with Elon Musk’s Space X-owned Starlink and solidifying SES’s position in the satellite industry.
The European satellite sector is facing increasing challenges as Starlink’s expansion disrupts traditional business models, posing a threat to the financial stability of established operators. SES’s five-year credit default swap (CDS) spreads, which reflect default risk, have reached 235 basis points, signaling concerns among investors about the company’s ability to meet its debt obligations.
In April, SES announced that it had secured the entire financing for the Intelsat acquisition, pending approval from European antitrust regulators. This move underscores SES’s commitment to growth and innovation in a rapidly evolving industry landscape.
The appointment of Elisabeth Pataki as the new finance chief signals SES’s strategic focus on financial management and growth amidst industry challenges. With her expertise and leadership, SES is poised to navigate the competitive satellite market and drive future success.
($1 = 0.8746 euros)
(Reporting by Gianluca Lo Nostro in Gdansk, editing by Milla Nissi-Prussak)
