LightSquared CEO Sanjiv Ahuja Steps Down

The shakeup continues at LightSquared. Just days after the would-be LTE wholesaler confirmed that it would be cutting its staff by 45 percent, it's now announced that CEO Sanjiv Ahuja has resigned from his position, although he will continue to serve as chairman of the board. Chief network officer Doug Smitand and chief financial officer Marc Montagner will serve as co-chief operating officers as the company searches for a new CEO. What's more, LightSquared has also announced that billionaire backer Philip A. Falcone has been appointed to the company's board of directors, and he himself has reiterated the company's intent to build out its wireless network, noting that it is "committed to working with the appropriate entities to find a solution to the recent regulatory issues."