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LightSquared CEO resigns, Falcone joins board

28/02/2012 - 19:20

(Reuters) - LightSquared, the telecom startup backed by Philip Falcone, said that its Chief Executive Sanjiv Ahuja had resigned and that Falcone was appointed to the board.

The moves come after the U.S. telecom regulator dealt LightSquared a severe blow when it said it would revoke its permission to build a wireless network.

LightSquared said that while it is searching for a new CEO its Chief Network Officer Doug Smith and its Chief Financial Officer Marc Montagner would serve as interim co-chief operating officers. The company is largely bankrolled by Falcone's hedge fund Harbinger Capital Partners.

(Reporting by Sinead Carew)