Globalstar Appoints Paul Jacobs from Silicon Valley for the role of CEO and Chairman

Covington-based satellite operator Globalstar Inc. has disclosed that Paul Jacobs, a prominent figure in Silicon Valley renowned for his role in transforming wireless chip company Qualcomm into a global leader in smartphone supply, is set to assume the role of its next CEO.

Jacobs, who founded wireless spectrum startup Xcom Labs after departing from Qualcomm in 2018, will take on the dual responsibilities of CEO and Chairman at Globalstar, effective immediately, as per the company’s announcement on Tuesday. In response to this news, Globalstar’s stock experienced a surge of over 20% during Tuesday morning trading.

Over the past year, the satellite company based in Covington has been experiencing growth, particularly after forging a partnership with Apple in September 2022 to serve as the satellite operator for Apple’s recently introduced emergency SOS service. This collaboration marked a significant milestone in Globalstar’s longstanding endeavors to establish ties with technology and telecommunications firms, leveraging its network capabilities.

In earlier months of the current year, Apple extended a loan of $252 million to Globalstar. This financial support contributed to Globalstar’s acquisition of a fleet of satellites, a strategic move aimed at enhancing the company’s capability to deliver emergency communication services.

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