Telesat announces changes to Board of Directors
Rhea-AI Summary
Telesat (Nasdaq, TSX: TSAT) announced a Board of Directors change effective July 9, 2026. Ralph (Cody) Kittle, a nominee of MHR Fund Management, has joined the board, succeeding long-serving director Michael Targoff.
Kittle is Founder and CEO of RenWave Kore, oversees over $1.5 billion in assets, and chairs the Audit Committee at Freddie Mac.
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Market Reaction – TSAT
Following this news, TSAT has declined 6.81%, reflecting a notable negative market reaction. Our momentum scanner has triggered 20 alerts so far, indicating elevated trading interest and price volatility. The stock is currently trading at $42.01. This price movement has removed approximately $47M from the company's valuation.
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OTTAWA, Ontario, July 09, 2026 (GLOBE NEWSWIRE) -- Telesat Corporation (Nasdaq and TSX: TSAT) (“Telesat”), one of the world’s largest and most innovative satellite operators, today announced that Ralph (Cody) Kittle, a nominee of MHR Fund Management LLC (“MHR”), has been appointed to its Board of Directors. Mr. Kittle succeeds Michael Targoff, a previous MHR nominee.
Mr. Kittle is the Founder and CEO of RenWave Kore, a private equity firm with more than
“We are pleased to welcome Cody to the Telesat Board. His experience in investment management, combined with his service on numerous public and private company boards, will bring valuable perspectives to the board,” stated Mark Rachesky, Chair of Telesat’s Board of Directors. “Mr. Targoff served with distinction on the Telesat Board of Directors for nearly 19 years. We are deeply grateful for his dedication to the company and his valuable contributions and insights throughout his tenure.”
About Telesat
Backed by a legacy of engineering excellence, reliability and industry-leading customer service, Telesat (Nasdaq and TSX: TSAT) is one of the largest and most innovative global satellite operators. Telesat works collaboratively with its customers to deliver critical connectivity solutions that tackle the world’s most complex communications challenges, providing powerful advantages that improve their operations and drive profitable growth.
Continuously innovating to meet the connectivity demands of the future, Telesat Lightspeed, the company’s state-of-the-art Low Earth Orbit (LEO) satellite network, has been optimized to meet the rigorous requirements of telecom, government, maritime and aeronautical customers. Telesat Lightspeed will redefine global satellite connectivity with ubiquitous, affordable, high-capacity, secure and resilient links with fibre-like speeds. For updates on Telesat, follow us on LinkedIn, X, or visit www.telesat.com.
Media Contact:
Monique Scotti
pr@telesat.com
