Inmarsat has appointed Tony Bates as its new finance chief. Bates was previously CFO of Hibu (formerly Yell), the company that produced Yellow Pages, before that company went into liquidation in November 2013.
London-based Inmarsat, a global leader in satellite communication services focusing on marine, aviation and defence applications, said Bates will take up duty on 2 June 2014.
“Tony brings with him a wealth of operational and financial experience from a diverse range of businesses and industries, which will be of great benefit to Inmarsat as we continue to grow and develop our activities,” said Rupert Pearce, Inmarsat’s CEO.
Bates’ name was previously connected with the downfall of Hibu – formerly Yell – the multinational directories and Internet services company that published the Yellow Pages.
During his time as Hibu’s CFO, Bates was responsible for the refinancing of the group’s capital structure and the delivery of a lower-cost operating model. Bates started working for Hibu in November 2010. However, his efforts failed to save the struggling publisher, which went into administration in November 2013 after accumulating £2.3bn in debt.
The collapse of Hibu was surrounded with controversy when it was revealed that its senior managers, including Bates, were awarded pay increases of up to 70 per cent in bonuses, benefits and shares, despite the company failing to meet its financial commitments.
Hibu’s shares were suspended from the stock market in July, leaving its shareholders with nothing.
Before Hibu, Bates has previously worked as chief operating officer of business telecoms operator Colt Group and also as finance director at EMI Recorded Music.