Telesat Management

Management criteria checks 2/4

Telesat's CEO is Dan Goldberg, appointed in Sep 2006, has a tenure of 17.75 years. total yearly compensation is CA$11.46M, comprised of 12.5% salary and 87.5% bonuses, including company stock and options. directly owns 5.99% of the company’s shares, worth $24.05M. The average tenure of the management team and the board of directors is 4.5 years and 2.6 years respectively.

Key information

Dan Goldberg

Chief executive officer

CA$11.5m

Total compensation

CEO salary percentage	12.5%
CEO tenure	17.8yrs
CEO ownership	6.0%
Management average tenure	4.5yrs
Board average tenure	2.6yrs

Recent management updates

Recent updates

Telesat GAAP EPS of -$0.16, revenue of $186.62M

Aug 05

CEO Compensation Analysis

How has Dan Goldberg's remuneration changed compared to Telesat's earnings?
Date	Total Compensation	Salary	Company Earnings
Mar 31 2024	n/a	n/a	CA$134m
Dec 31 2023	CA$11m	CA$1m	CA$157m
Sep 30 2023	n/a	n/a	CA$170m
Jun 30 2023	n/a	n/a	CA$112m
Mar 31 2023	n/a	n/a	-CA$30m
Dec 31 2022	CA$9m	CA$1m	-CA$24m
Sep 30 2022	n/a	n/a	-CA$3m
Jun 30 2022	n/a	n/a	CA$3m
Mar 31 2022	n/a	n/a	CA$58m
Dec 31 2021	CA$64m	CA$1m	CA$93m
Sep 30 2021	n/a	n/a	CA$297m
Jun 30 2021	n/a	n/a	CA$456m
Mar 31 2021	n/a	n/a	CA$565m
Dec 31 2020	CA$4m	CA$1m	CA$245m
Sep 30 2020	n/a	n/a	-CA$7m
Jun 30 2020	n/a	n/a	-CA$237m
Mar 31 2020	n/a	n/a	-CA$263m
Dec 31 2019	CA$6m	CA$1m	CA$187m
Sep 30 2019	n/a	n/a	-CA$2m
Jun 30 2019	n/a	n/a	CA$238m
Mar 31 2019	n/a	n/a	CA$96m
Dec 31 2018	CA$17m	CA$1m	-CA$91m

Compensation vs Market: Dan's total compensation ($USD8.34M) is above average for companies of similar size in the US market ($USD2.44M).

Compensation vs Earnings: Dan's compensation has been consistent with company performance over the past year.

CEO

Dan Goldberg (58 yo)

17.8yrs

Tenure

CA$11,458,736

Compensation

Mr. Daniel S. Goldberg, also known as Dan, serves as Independent Director for Algonquin Power & Utilities Corp. since March 28, 2022. He serves as President and Chief Executive Officer at Loral Space & Com...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Daniel Goldberg	President	17.8yrs	CA$11.46m	5.99% CA$ 24.0m
Andrew Browne	Chief Financial Officer	4.5yrs	CA$3.54m	1.08% CA$ 4.3m
David Wendling	Chief Technical Officer	16.7yrs	CA$2.17m	0.74% CA$ 3.0m
Michael Schwartz	Senior Vice President of Corporate & Business Development	no data	CA$3.07m	2.26% CA$ 9.1m
Glenn Katz	Chief Commercial Officer	2.7yrs	CA$3.15m	0.61% CA$ 2.5m
Christopher DiFrancesco	VP, General Counsel & Secretary	15.4yrs	no data	0.70% CA$ 2.8m
John Flaherty	Vice President of Business Planning & Marketing	11.4yrs	no data	0.44% CA$ 1.8m
France Teasdale	Vice President of People	2.4yrs	no data	0.012% CA$ 47.2k
Michèle Beck	Senior Vice President of Canadian Sales	3.4yrs	no data	0.51% CA$ 2.0m
Michael Bolitho	Director of Treasury & Risk Management	no data	no data	0.013% CA$ 53.2k
Philip Harlow	President of Telesat Government Solutions	1.5yrs	no data	no data

4.5yrs

Average Tenure

58.5yo

Average Age

Experienced Management: TSAT's management team is considered experienced (4.5 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Daniel Goldberg	President	2.6yrs	CA$11.46m	5.99% CA$ 24.0m
Guthrie Stewart	Independent Director	2.6yrs	CA$182.53k	no data
Michael Boychuk	Independent Director	2.6yrs	CA$200.03k	no data
Janet Yeung	Independent Director	less than a year	CA$72.37k	0.10% CA$ 407.6k
Mark Rachesky	Independent Chairman	2.6yrs	CA$190.02k	0.34% CA$ 1.4m
Michael Targoff	Director	2.6yrs	CA$175.11k	0.75% CA$ 3.0m
Henry Intven	Independent Director	3.7yrs	CA$200.03k	no data
A. Craighead	Independent Director	2.6yrs	CA$207.52k	no data
Richard Fadden	Independent Director	2.6yrs	CA$182.53k	no data
David Morin	Independent Director	1.3yrs	no data	no data

2.6yrs

Average Tenure

66.5yo

Average Age

Experienced Board: TSAT's board of directors are not considered experienced ( 2.6 years average tenure), which suggests a new board.

Telesat Management

Management criteria checks 2/4

Key information

Recent management updates

Telesat Corporation, Annual General Meeting, Jun 18, 2024

Telesat Appoints Philip Harlow as President

High number of new and inexperienced directors

High number of new and inexperienced directors

Insufficient new directors

Less than half of directors are independent

Recent updates

Telesat Corporation Provides Earnings Guidance for the Year 2024

First quarter 2024 earnings released: CA$1.08 loss per share (vs CA$0.62 profit in 1Q 2023)

New major risk - Revenue and earnings growth

Telesat Corporation, Annual General Meeting, Jun 18, 2024

Full year 2023 earnings released: EPS: CA$11.55 (vs CA$1.90 loss in FY 2022)

Telesat Corporation Provides Earnings Guidance for the Year 2024

Telesat Corporation to Report Q4, 2023 Results on Mar 28, 2024

New major risk - Revenue and earnings growth

Telesat Corporation Provides Earnings Guidance for the Full Year 2023

Third quarter 2023 earnings released

Telesat Corporation to Report Q3, 2023 Results on Nov 06, 2023

Telesat Corporation(NasdaqGS:TSAT) dropped from S&P Global BMI Index

Investor sentiment improves as stock rises 76%

Telesat Corporation Provides Preliminary Earnings Guidance for the Full Year 2023

Second quarter 2023 earnings released: EPS: CA$10.41 (vs CA$0.16 loss in 2Q 2022)

New major risk - Share price stability

Telesat Corporation to Report Q2, 2023 Results on Aug 11, 2023

Telesat’s Leo 3 Demonstration Satellite Successfully Launched

FCC Issues Telesat Phase II Certification of Accelerated Relocation Order

First quarter 2023 earnings released: EPS: CA$0.62 (vs CA$1.16 in 1Q 2022)

Telesat Corporation to Report Q1, 2023 Results on May 11, 2023

Full year 2022 earnings released: CA$1.86 loss per share (vs CA$2.29 profit in FY 2021)

Investor sentiment deteriorates as stock falls 16%

Investor sentiment improved over the past week

Telesat Appoints Philip Harlow as President

Investor sentiment deteriorated over the past week

High number of new and inexperienced directors

Third quarter 2022 earnings released

Telesat Provides Earnings Guidance for the Full Year of 2022

Telesat Corporation to Report Q3, 2022 Results on Nov 08, 2022

Investor sentiment improved over the past week

Investor sentiment deteriorated over the past week

Investor sentiment deteriorated over the past week

Telesat Corporation Revises Earnings Guidance for the Full Year 2022

Second quarter 2022 earnings released: CA$0.16 loss per share (vs CA$0.51 profit in 2Q 2021)

Telesat GAAP EPS of -$0.16, revenue of $186.62M

Telesat Corporation to Report Q2, 2022 Results on Aug 05, 2022

Investor sentiment deteriorated over the past week

Now 22% undervalued

Investor sentiment deteriorated over the past week

Now 23% undervalued after recent price drop

Investor sentiment deteriorated over the past week

Telesat and Telefónica Global Solutions Complete Brazil’S First 5G Backhaul Demonstration over Leo Satellite

Investor sentiment improved over the past week

First quarter 2022 earnings released: EPS: CA$1.16 (vs CA$0.35 in 1Q 2021)

High number of new and inexperienced directors

Insufficient new directors

Investor sentiment deteriorated over the past week

Investor sentiment improved over the past week

Investor sentiment improved over the past week

Telesat Corporation(NasdaqGS:TSAT) dropped from S&P TMI Index

Less than half of directors are independent

CEO Compensation Analysis

CEO

Tenure

Compensation

Leadership Team

Average Tenure

Average Age

Board Members

Average Tenure

Average Age