David Kagan served as the Chief Executive Officer of Globalstar, Inc., a satellite services company, from September 2018 until August 2023. Before stepping into this role, he had a wealth of experience in the tech and satellite industry, including serving...

David Kagan served as the Chief Executive Officer of Globalstar, Inc., a satellite services company, from September 2018 until August 2023. Before stepping into this role, he had a wealth of experience in the tech and satellite industry, including serving as President of ITC Global LLC and CEO of Globe Wireless LLC, both handling satellite communications. Kagan has a knack for operations and understanding the tech landscape, vital for a company like Globalstar that focuses on connectivity. During his time as CEO, he was at the helm when Globalstar reported strong financial performances, achieving adjusted EBITDA of $116.7 million in 2023. Kagan's compensation reflects his significant contributions; in 2023, his total earnings reached approximately $1.56 million, boosted by a hefty vested stock award upon his retirement. In an interesting twist, upon his retirement, he accelerated the vesting of all his unvested restricted stock awards, showing how he structured his compensation towards long-term success. His leadership saw the company transitioning to a profitable model in a tech-heavy environment, which is challenging. Now, Kagan has moved on, but his impact at Globalstar is notable, particularly in enhancing its operational efficiency and growth potential.

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1. Rivals

2. Holdings

3. Insider Trading

4. Compensation History

5. Other Globalstar CEOs

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David Kagan

CEO of Globalstar

Education

MBA from Stanford University

Field of Expertise

Business & Management

Sector of Economy

Communication Services

Born

June 15, 1961 - 63 years ago

CEO of Globalstar for

6 years 8 months (Sep 2018 - Present)

Previous Experience

President of ITC Global LLC

Rivals

Competitors/colleagues of David Kagan

Holdings

See how much did David Kagan make over time.

David Kagan had significant holdings while at Globalstar. At the peak of his tenure, particularly in 2021, he saw stock awards vesting worth around $1.89 million. This included a massive 1.2 million restricted shares that vested during his time, reflecting...

David Kagan had significant holdings while at Globalstar. At the peak of his tenure, particularly in 2021, he saw stock awards vesting worth around $1.89 million. This included a massive 1.2 million restricted shares that vested during his time, reflecting increases in the company's stock price. By 2023, as Kagan prepared for retirement, he converted all his unvested shares into cash value, totaling approximately $1.13 million upon retirement. His holdings fluctuated over the years, and at times, represented a large part of his total compensation. Kagan's stock performance mirrored the company’s adjusted EBITDA, which soared to $116 million in 2023, indicating a successful management strategy during his leadership. Despite stepping down, his financial picture benefited from the growth he orchestrated during his tenure.

Insider Trading

See recent insider trades of David Kagan.

GSAT

1,500,000 shares

GSAT

Aug 29, 2023

Received

GSAT

500,000 shares

GSAT

Mar 6, 2023

Received

GSAT

$120.00K

GSAT at $1.16/share

Mar 6, 2023

Received

GSAT

$212.40K

GSAT at $1.77/share

Dec 6, 2022

Received

GSAT

$418.00K

GSAT at $1.90/share

Nov 15, 2022

Received

GSAT

$44.50K

GSAT at $1.78/share

Sep 12, 2022

Purchase

GSAT

$165.60K

GSAT at $1.38/share

Dec 8, 2021

Received

GSAT

$145.00K

GSAT at $1.38/share

Mar 8, 2021

Received

GSAT

$37.87K

GSAT at $0.31/share

Dec 7, 2020

Received

GSAT

$130.83K

GSAT at $0.44/share

Mar 3, 2020

Received

Compensation History

See how much did David Kagan make over time.

David Kagan's compensation as CEO of Globalstar varied significantly over his tenure. In 2023, he earned a total of about $1.56 million, with the highest portion coming from vested stock awards worth $1.13 million. Interestingly, no cash bonuses were awarded that year due to a lack of non-equity incentive plans. In contrast, Kagan's 2021 compensation was notably higher at approximately $872,000, including a cash bonus of $150,000, reflecting the performance-driven metrics of Globalstar. Compensation was designed to align with company performance, with metrics closely tied to financial milestones like Adjusted EBITDA, illustrating a conservative approach. His retirement led to the acceleration of all unvested stock awards, showing how performance shares were a significant part of his earnings strategy. Kagan’s total earnings demonstrated a clear understanding of tying personal gain directly to the company's success.

Year

2023

Total Compensation

$1.56M

Salary

$345.34K

Board Justification

The compensation philosophy is designed to align executive compensation with company performance, focusing on retention and achievement of long-term business goals through a conservative base salary and stock-based compensation.

Bonus

$0.00

Board Justification

No bonus was awarded for 2023 as the company did not grant option awards or non-equity incentive plan compensation.

Other

$80.20K

Board Justification

Includes matching contributions to the 401(k) plan and life insurance premiums, as well as a one-time vacation payout of $67,022 upon retirement.

Restricted Stock

$1.13M(1.13M RSU)

Board Justification

The total value of stock awards that vested in 2023, including an accelerated vesting of all unvested restricted stock awards upon retirement.

Performance Metrics

The performance metrics for determining compensation included Adjusted EBITDA performance, which was $116.7 million for 2023.

Other Globalstar CEOs

Here are other CEOs of Globalstar

James Monroe III

Founder and Ex-CEO of Globalstar

July 2011 - September 2018