DULLES, Va., July 13 /PRNewswire/ -- Orbital Sciences Corporation (NYSE: ORB) today announced that Mr. Garrett E. Pierce has been appointed Executive Vice President and Chief Financial Officer (CFO) as well as a member of the Board of Directors of the company. Mr. Pierce is expected to assume his new duties with Orbital in early August. Orbital also announced that Mr. Jeffrey V. Pirone, currently its Executive Vice President and CFO, will step down from his position but remain as a consultant to the company.
Mr. Pierce, 55, is currently Executive Vice President and Chief Financial Officer/Chief Administrative Officer for Sensormatic Electronics Corporation, a $1 billion global technology company headquartered in Boca Raton, Florida. Before joining Sensormatic in 1996, Mr. Pierce was Executive Vice President and CFO of Adaptive Broadband Corporation (formerly California Microwave Inc.) in Redwood City, California from 1994 to 1996. Earlier, he served from 1980 to 1994 in a variety of senior executive positions for Sony Corporation's Materials Research Corporation subsidiary, including President and Chief Executive Officer from 1992 to 1994 and Chief Operating Officer from 1989 to 1992. He also worked for Allied Signal, Inc. and predecessor companies in senior finance and audit functions from 1972 to 1980 and for Touche Ross and Company, a predecessor of Deloitte & Touche LLP, as an accountant from 1970 to 1972. He holds M.S. and B.A. degrees in Economics from Southern Illinois University and is a Certified Public Accountant (CPA).
As Orbital's Executive Vice President and CFO, Mr. Pierce will have responsibility for the company's corporate financial planning and control, accounting and audit functions, equity and debt capital market activities, investor and bank relations, treasury operations, management information systems, real estate, facilities and other asset management, and related areas. Together with Mr. David W. Thompson, Orbital's Chairman and Chief Executive Officer, and Mr. J.R. Thompson, Orbital's President and Chief Operating Officer, he will serve as an integral part of the company's senior executive team and as one of three management members of its Board of Directors.
Mr. David W. Thompson, Chairman and Chief Executive Officer, said, "I am very pleased and excited that Garrett is joining Orbital. His tremendous capabilities and depth of management experience will be a major addition to our senior executive group, while his world-class financial management expertise will contribute greatly to our campaign to increase shareholder value for our investors."
Mr. Thompson added, "I wish to thank Jeff for his outstanding contributions to Orbital over the past nine years. During his tenure as our Chief Financial Officer since 1996 and, earlier, as our Corporate Controller, Jeff was instrumental in the company's rapid growth and increasing capabilities. In the last four years alone, he oversaw company revenue growth of more than 150% and asset increases of over 100%. Since 1996, he also played a key role in carrying out more than 10 major acquisitions and joint ventures, as well as in raising over $1 billion in new equity and debt capital for the company and its subsidiaries and affiliates."
Orbital is one of the largest space technology and satellite services companies in the world, with 1999 total revenues of about $915 million. The company, which is headquartered in Dulles, Virginia, employs approximately 5,500 people at major facilities in the United States, Canada and several overseas locations. Orbital is the world's leading manufacturer of low-cost space systems, including satellites, launch vehicles, electronics and sensors, satellite ground systems and related digital infrastructure. Its Magellan subsidiary is a pioneer in satellite-based navigation and communications products for consumer and industrial markets. Through its ORBCOMM and ORBIMAGE affiliates and ORBNAV subsidiary, Orbital is also a major operator of satellite-based networks that provide data communications, high-resolution imagery and automotive information services to customers all around the world. SOURCE Orbital Sciences Corporation
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