Satellite firm SES has confirmed that its chief executive officer, Steve Collar, will be stepping down at the end of this month.

In an announcement this morning, the Luxemburg company revealed that Ruy Pinto, currently chief technology officer, will take over on an interim basis.

SES -- EIB Blitz Agency.jpg
– EIB | Blitz Agency

The company noted that it has already begun its search for Collar's successor, who is leaving to "pursue other professional and personal endeavors".

Collar has been CEO of SES since March 2017, while before this he was CEO at O3b Networks, before it was acquired by SES. In total, Collar has worked for the company for over 20 years.

Frank Esser, chairman of the SES board of directors, said: "As CEO, Steve successfully steered SES, leaving the business in a strong position for the future with a differentiated multi-orbit capability, world-class set of customer solutions, a simplified and market-centric organization, and a strong balance sheet set to be further strengthened from the execution of C-band clearing."

Collar added: “It has been the greatest honor of my life to lead the incredible people at SES. With O3b mPOWER launching, the company performing well and C-band all but delivered, the future is bright, and I wish the board and everyone at SES every success.” 

Earlier this year, SES secured a €300 million ($323m) loan from the European Investment Bank (EIB), the financing institution of the European Union, for the design, procurement, and launch of three previously announced satellites that will deliver advanced broadcast and broadband services spanning Western Europe, Africa, and the Middle East.