Loral Space & Communications, Inc. announced that, in connection with the previously disclosed planned restructuring of its corporate office as a result of the sale of the company's former subsidiary, Space Systems/Loral, the company expects to implement certain changes prior to January 1, 2013. These changes include relinquishing by Michael Targoff of the full time CEO position and his retention as a consultant to the board of directors with primary responsibility for strategic matters relating to Telesat, oversight of the ViaSat lawsuit and management of XTAR. Mr. Targoff will continue in his role as Vice Chairman of the board of directors.

The company expects Mr. Targoff's consulting fees will represent a substantial reduction from the compensation he currently receives as CEO. The company is also planning for the phased departures in December 2012 and the first quarter of 2013 of certain other senior executive officers, with their positions to be filled internally.