Alex Hungate – the president, CEO and executive director of SATS – is set to leave the food solutions and gateway services provider after eight years.
He 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," Hungate said in an Oct 1 regulatory filing.
He added that the company’s "dedicated and experienced team has ensured that the [it] is well-positioned for the future, as our growth initiatives gain traction and markets start to recover from the pandemic”.
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Hungate joined SATS as an independent director in July 2011 before moving on to become an executive director in July 2013. He took on his current role in January 2014.
Chairman Euleen Goh thanked Hungate for his “exemplary leadership over the years and, in particular, for steering the company through this challenging crisis so effectively”.
She noted that the board has in place succession plans “which will be activated to ensure a smooth leadership transition”. The company stressed that further announcements on this will be made shortly.
Shares of SATS closed down 6 cents or 1.4% at $4.10 on Oct 1, before the announcement.
Cover image: SATS
