|By Marketwired .||
|May 1, 2014 04:03 PM EDT||
LONGMONT, CO -- (Marketwired) -- 05/01/14 -- DigitalGlobe (NYSE: DGI), a leading provider of commercial high-resolution earth observation and advanced geospatial solutions, today announced that company Chief Financial Officer, Yancey L. Spruill, will step down as CFO on Oct. 1, 2014. DigitalGlobe has commenced a search to identify a new CFO, and has retained Heidrick & Struggles, a leading executive search firm, to assist with this process. Spruill will continue in his role as CFO and will support the search for his successor.
Spruill will be stepping down following a highly successful ten-year career with the company, during which he played a key leadership role in transforming DigitalGlobe from a small, privately-held satellite imagery provider with $60 million in revenue into an NYSE-listed leader in geospatial information with a diversified customer base, unrivaled technology and $613 million in revenue in 2013.
"Yancey's contributions to DigitalGlobe over the last decade have been instrumental to our success," said Jeffrey R. Tarr, DigitalGlobe CEO. "He built a finance organization with talented professionals, led the company's 2009 initial public offering, built a solid balance sheet, and played a key strategic and financial role in our 2013 combination with GeoEye. The entire DigitalGlobe team -- including the Board and management -- will miss his insight and leadership. We wholeheartedly thank Yancey for his contributions to making DigitalGlobe the company it is today, and wish him continued success in the future."
Spruill said, "The last ten years have been profoundly gratifying and enjoyable, and I am extremely proud of our accomplishments as a team. I have deep appreciation for our DigitalGlobe team, our customers, our Board and shareholders. I believe the company is well positioned for continued success, and the timing is right for me to begin to pursue other aspirations. As I prepare to start the next chapter of my career, I am committed to ensuring a smooth transition for DigitalGlobe."
Spruill joined DigitalGlobe in 2004 after a career as an investment banker and as a manufacturing engineer, and has served as the company's CFO during his entire tenure.
DigitalGlobe is a leading provider of commercial high-resolution earth observation and advanced geospatial solutions that help decision makers better understand our changing planet in order to save lives, resources and time. Sourced from the world's leading constellation, our imagery solutions deliver unmatched coverage and capacity to meet our customers' most demanding mission requirements. Each day customers in defense and intelligence, public safety, civil agencies, map making and analysis, environmental monitoring, oil and gas exploration, infrastructure management, navigation technology, and providers of location-based services depend on DigitalGlobe data, information, technology and expertise to gain actionable insight.
DigitalGlobe is a registered trademark of DigitalGlobe.
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Certain statements contained herein and in other of our reports, filings, and public announcements may contain or incorporate forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements relate to future events or future financial performance. We generally identify forward-looking statements by terminology such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," "continue" or "looks forward to" or the negative of these terms or other similar words, although not all forward-looking statements contain these words.
Any forward-looking statements are based upon our historical performance and on our current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us that the future plans, estimates or expectations will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions. A number of important factors could cause our actual results or performance to differ materially from those indicated by such forward looking statements, including: the loss, reduction or change in terms of any of our primary contracts or decisions by customers not to exercise renewal options; the availability of government funding for our products and services both domestically and internationally; changes in government and customer priorities and requirements (including cost-cutting initiatives, the potential deferral of awards, terminations or reduction of expenditures to respond to the priorities of Congress and the administration, or budgetary cuts resulting from Congressional committee recommendations or automatic sequestration under the Budget Control Act of 2011); the risk that U.S. government sanctions against specified companies and individuals in Russia may limit our ability to conduct business with potential or existing customers; the risk that the anticipated benefits and synergies from the strategic combination of the company and GeoEye, Inc. cannot be fully realized or may take longer to realize than expected; the outcome of pending or threatened litigation; the loss or impairment of any of our satellites; delays in the construction and launch of any of our satellites or our ability to achieve and maintain full operational capacity of all our satellites; delays in implementation of planned ground system and infrastructure enhancements; loss or damage to the content contained in our imagery archives; interruption or failure of our ground system and other infrastructure, decrease in demand for our imagery products and services; increased competition, including possibly from companies with substantial financial and other resources and services, that may reduce our market share or cause us to lower our prices; our inability to fully integrate acquisitions or to achieve planned synergies; changes in satellite imaging technology; our failure to obtain or maintain required regulatory approvals and licenses; changes in U.S. or foreign law or regulation that may limit our ability to distribute our imagery products and services; the costs associated with being a public company; and other important factors, all as described more fully in our filings with the Securities and Exchange Commission ("SEC"), including our Annual Report on Form 10 K.
We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. Readers are cautioned not to place undue reliance on any of these forward looking statements.
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