Speedcast International Limited announced that Russell Reynolds was appointed by the Board of Speedcast in July 2019 to undertake a formal global search process for additional non-executive Directors as part of Speedcast's Board renewal process. As part of this process, the Company has determined that two current non-executive Directors would resign and four new non-executive Directors would be appointed. In line with this approach, the Company announces the following initial changes to its Board: John Mackay has resigned as Chairman, effective immediately but will remain on the Board as a non-executive, Director until 30 September 2019 to ensure an orderly transition to the new Chairman, Stephe Wilks has been appointed to the Board and elected Chairman, effective immediately.

Mr. Mackay has been Chairman of Speedcast's Board since the Company's IPO in July 2014, and has provided committed leadership at the Board level throughout his tenure. Mr. Mackay's resignation as Chairman is effective immediately, and he will remain on the Board as a non-executive Director until 30 September 2019 to ensure an orderly transition and knowledge transfer to the new Chairman. Further, the Company also announced that Stephe Wilks has accepted the invitation from the Board to become Speedcast's Chairman, effective immediately.

The Board is well advanced on the search for three additional independent non-executive Directors. Russell Reynolds will now progress this process in close consultation with Mr. Wilks. It is anticipated that another Director will retire from the Board once a suitable appointment is made.

In addition to the Board changes, Speedcast also advises that Clive Cuthell, the Company's Chief Financial Officer, has resigned by way of mutual agreement. Mr. Cuthell will continue as CFO until the end of this year to allow for the orderly transition to a new CFO. Mr. Wilks has over 25 years' experience in the telecommunications industry both within Australia and overseas having worked for a range of telecommunication companies including Optus, British Telecom and Hong Kong Telecom.