REPORT: LightSquared CEO Is Stepping Down, And Phil Falcone Is Joining The Board

Bloomberg is reporting that Sanjiv Ahuja, the CEO of embattled telecomm venture Lightsquared, is stepping down. Concurrently, the company’s biggest investor, hedge funder Phil Falcone, is joining the board of directors of Lightsquared.

Ahuja will retain his position as chairman of Lightsquared’s bored.

The FCC recently rejected Lightsquared’s request to begin wholesale services of its wireless satellite network, which has thrown the future of the company into question.

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