SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 30, 1997
COMSAT Corporation
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(Exact name of Registrant as specified in Charter)
District of Columbia 1-4929 52-0781863
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(State or other juris- (Commission (IRS Employer
diction of incorporation) File Number) Identification
Number)
6560 Rock Spring Drive, Bethesda, MD 20817
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(Address of principal executive offices) Zip Code
Registrant's telephone number, including area code (301) 214-3000
Not Applicable.
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(Former name or former address, if changed since last report).
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Item 5. Other Events
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Attached to this report as Exhibit 99.1, and incorporated by reference
in this item, is a Press Release of the Corporation, distributed on April
30, 1997, announcing the resignation of C.J. Silas as Chairman for medical
reasons and the election of Edwin I. Colodny as the new Chairman of the
Corporation's Board of Directors.
Item 7. Financial Statements and Exhibits
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(c) Exhibits (listed according to the number assigned in Item 601 of
Regulation S-K).
Exhibit No. Description
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99.1 Press Release dated April 30, 1997.
<PAGE>
SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
COMSAT Corporation
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By: /s/ Alan Korobov
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Controller
Date: May 5, 1997
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EXHIBIT INDEX
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Exhibit No. Description
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99.1 Press Release dated April 30, 1997.
<PAGE>
FROM: COMSAT Corporation
6560 Rock Spring Drive
Bethesda, MD 20817
PHONE: 301 214 3442
FAX: 301 214 7130
DATE: April 30, 1997
For Immediate Release
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COMSAT CHAIRMAN RESIGNS FOR MEDICAL REASONS
-- Edwin I. Colodny Elected New Chairman of the Board --
Bethesda, Md. -- COMSAT Corporation today announced that C. J. Silas has
resigned as chairman and as a member of the company's board of directors for
health reasons following recent open-heart surgery. The board of directors
has elected Edwin I. Colodny to serve as chairman.
"We are very saddened by Pete Silas' resignation and offer our
heartfelt best wishes for a full and speedy recovery," said Betty C.
Alewine, COMSAT president and chief executive officer. "Pete has helped
guide this company through the transition to a new management team and the
development of a new strategic plan. He is a distinguished business leader
whose insights will be greatly missed. We are fortunate that Ed Colodny,
who has an equally valuable wealth of experience, will assume the
leadership role of chairman."
"With the talented management team led by Betty Alewine, our strategic
plan will stay on course and on schedule," said Ed Colodny. "COMSAT is
refocused on its core strengths in international telecommunications and
technology, and I share the Board's optimism about this company's future."
Edwin I. Colodny has been a director of COMSAT since 1992. He has
served as both chairman and chief executive officer of US Airways Group,
Inc. and of its subsidiary, US Airways, Inc., a commercial airline company,
and is a director of both corporations. He also is a director of Ascent
Entertainment Group, Inc. and Esterline Technologies Corporation and a
member of the board of trustees of the University of Rochester. A biography
of Mr. Colodny is attached to this press release.
COMSAT Corporation (NYSE: CQ) is a global provider of communications
services and products.
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CONTACT: Janet Dewar Vice President, Corporate Affairs (301) 214 3442
Gary Sharpe Director, Investor Relations (301) 214 3244
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Page Two
EDWIN I. COLODNY
Edwin I. Colodny is chairman of the board of COMSAT Corporation. He
has served as a director of COMSAT since 1992.
Mr. Colodny retired on July 1, 1992 as chairman of US Airways Group,
Inc. and US Airways, Inc. Until June 1991, he was president and chief
executive officer of US Airways Group and US Airways, having served as
president of US Airways since 1975.
Mr. Colodny is a director of US Airways Group, Inc. and US Airways,
Inc.,
Ascent Entertainment Group, Inc. and Esterline Technologies. He is a member
of the board of trustees of the University of Rochester, a commissioner of the
National Museum of American Art of the Smithsonian Institution and a trustee
of the Shelburne Museum of Shelburne, Vermont.
He joined US Airways in 1957 as assistant to the president. In 1969,
Mr. Colodny was elected executive vice president, legal affairs and
marketing services, with responsibility for all customer service, in-flight
services and station operations. He held this position until 1973 when he
was named executive vice president, marketing and legal affairs, a position
that included the direction of the company's marketing, advertising and
sales promotion programs.
Prior to joining US Airways, Mr. Colodny was affiliated with the
Office of the Judge Advocate General as a first lieutenant in the U.S. Army
and was a trial attorney with the Civil Aeronautics Board Bureau of Air
Operations.
Mr. Colodny joined the Washington, D.C. office of Paul, Hastings,
Janofsky & Walker as of counsel in 1991.
Mr. Colodny has received numerous awards recognizing his contributions
to the aviation industry, including, in 1990, the Wright Brothers Memorial
Award and the Tony Janus Award. In 1985, he received an honorary doctorate
of commercial science degree from Robert Morris College. In 1986, he
received an honorary doctor of law degree from Middlebury College, and in
1988, an honorary doctor of humanities from Kings College. In 1996, he was
named a laureate in the Washington Business Hall of Fame.
A native of Burlington, Vermont, Mr. Colodny received an A.B. degree
with distinction in 1948 from the University of Rochester. He earned an
L.L.B. from Harvard Law School in 1951.
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