Pendrell Corporation announced that company chairman Craig McCaw has taken on the role of executive chairman, and current board member Lee E. Mikles will become interim chief executive officer, effective immediately. Mr. McCaw, a visionary technology entrepreneur who has been the founder and driving force behind several successful ventures including McCaw Cellular, Nextel, XO Communications and Clearwire, has been the lead investor and a director of the Company since 2000. With interim support from Mr. Mikles, Mr. McCaw will have a more hands-on role in leading the business.

In conjunction with this change, Benjamin Wolff, president and chief executive officer, has resigned to pursue new challenges. Mr. Mikles joined the Company's board of directors in 2014 and serves as chair of the Company's audit committee. He is co-founder, president and a director of FutureFuel Corporation, where he served as chief executive officer from 2005 to 2013.