Ex-Hughes Exec Is New Teledesic President

Teledesic, which is building a global communications satellite system, named Mark Shahriary, a former Hughes Electronics Corp. senior executive, its new president. Shahriary, 54, replaces Russell Daggatt, who will become a vice chairman. Shahriary will be in charge of Teledesic’s day-to-day activities and overall corporate leadership. Kirkland, Wash.-based Teledesic, founded by cellular phone pioneer Craig McCaw and Microsoft Chairman Bill Gates, plans to provide services for linking computer networks, high-speed Internet access and videoconferencing anywhere in the world through a network of 288 satellites. The “Internet in the sky” project is expected to be in service by early 2004.