Tom Choi, who has been CEO of private, Fixed Service Satellite (FSS) operator, ABS – Asia Broadcast Satellite since its founding in 2006, has announced he will be stepping down from the CEO position. Company Chairman, Jim Frownelter, will be assuming the post of interim-CEO whilst the company searches for a replacement. Mr Choi will remain an ABS investor and board member.

Tom Choi ABS co-founder and ex-CEO. Courtesy of ABS
ABS is owned by UK-based, private-equity firm Permira which purchased the company in 2010 for a reported US$242 million. Permira put ABS up for sale in 2016, for US$2 billion, however this was deemed too high by initial prospective buyers.
Comment by Matt Wilson: The company has remained “on the market” since it was put up for sale in May, 2016. The sale price may well have been lowered following the less then enthusiastic reaction to their initial price, but any change has not been made public. It is not yet known whether this leadership change signals an upcoming sale of the company or is simply a management shake-up.