Iridium appoints HSBC data chief Shivanandan to board

MCLEAN, Va. - Iridium Communications Inc. (NASDAQ:IRDM), a $3.18 billion market cap satellite communications company with strong financial health according to InvestingPro metrics, has appointed Monique Shivanandan to its Board of Directors, effective Tuesday.

Shivanandan currently serves as Group Chief Data & Analytics Officer at HSBC Holdings plc, a position she has held since May 2023. She previously worked as HSBC’s Chief Information Security Officer from July 2020 to April 2023.

Before joining HSBC, Shivanandan was Chief Information Officer at the Chubb Group of Insurance Companies from 2017 to 2020. Her career includes leadership roles as Chief Information Officer at Aviva plc and Chief Technology Officer at Capital One Financial Corporation. She also has telecommunications experience from previous positions at BellSouth and BT Group plc.

"Monique brings a wealth of experience from senior executive roles in cybersecurity at leading banking and financial institutions," said Matt Desch, CEO of Iridium, in a press release statement.

Shivanandan currently chairs the board for Sepio, a cybersecurity asset risk management company. She previously served on the board of directors of Network International from 2021 to 2024 and on the board of managers of J.P. Morgan Securities from 2014 to 2018.

According to the company, Shivanandan qualifies as an independent director under applicable regulations and will serve on the Compensation Committee. She holds a BS in Industrial Engineering from Lehigh University.

Iridium Communications provides global voice and data satellite communications services through its worldwide satellite network.

In other recent news, Iridium Communications Inc. reported a series of notable developments. The company launched the Iridium Chat app, designed for use with its Iridium GO! exec device, offering global messaging capabilities and an unlimited data plan called Iridium Certus 100. This plan aims to support users with lower-bandwidth requirements and prevent data overages. Iridium also announced a partnership with Syniverse to provide global satellite connectivity to mobile network operators, integrating Iridium’s service with Syniverse’s platform to enhance customer connectivity worldwide. Additionally, Iridium’s stockholders approved an amended equity incentive plan and a cash dividend of $0.14 per share, reflecting the company’s commitment to shareholder value.

Analyst firms have shown optimism regarding Iridium’s future. Oppenheimer initiated coverage with an Outperform rating and a $34 price target, citing growth drivers such as new direct-to-device capabilities and advancements in IoT connectivity. William Blair also upgraded Iridium’s stock rating to Outperform, highlighting the company’s robust free cash flow outlook and strong partnerships with entities like Garmin and the U.S. government. Iridium’s recent acquisition of Satelles is seen as a strategic move, expected to enhance its market position in alternative GPS solutions for military and commercial uses. Despite competitive pressures from Globalstar and SpaceX, Iridium’s unique market position and ongoing service enhancements are anticipated to support its growth trajectory.

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