Iridium CFO to Resign

Iridium, provider of the world’s first satellite-based global-telephone network, said Chief Financial Officer Roy Grant will resign for personal reasons and that banks behind $800 million in financing extended a deadline by 60 days for the company to show it can meet sales and subscriber targets. Iridium shares fell $1.69 to close at $19.94 on Nasdaq. The shares have fallen 71% in the last year as the company has been hampered by delays caused by a shortage of its special phones and a sales effort hobbled by a lack of trained staff. Washington-based Iridium, a consortium of companies led by Motorola Inc. and including Sprint Corp., said this month it will fall short of the targets.