"In the nearly 30 years that Michael has worked at both the 'old' and the 'new' Loral, he has been a tireless contributor," said Bernard L. Schwartz, chairman and chief executive officer of Loral. "His financial acumen was a real asset as we built the company. We'll miss his sense of humor and wish him many sunny days on the golf course."

Mr. DeBlasio, 65, previously was senior vice president and CFO of Loral. He held the position of senior vice president, finance with Loral Corporation prior to the sale of Loral's defense electronics and systems integration businesses in 1996.

Mr. DeBlasio was also senior vice president, chief financial officer and director of Globalstar Telecommunications Limited and a director of Space Systems/Loral and is currently a director of Loral Orion, Inc. Prior to joining Loral Corporation in 1973, Mr. DeBlasio was vice president and treasurer of Elgin National Industries, Inc., New York. He joined Elgin in 1969 following nine years as audit manager for Touche Ross & Company.

A 1958 graduate of St. Francis College, Brooklyn, N.Y., Mr. DeBlasio is a certified public accountant and member of the New York and American CPA societies. He also is a member of the Boards of Trustees of Philharmonia Virtuosi, Our Lady of Mercy Medical Center, Dickinson College and St. Francis College.

Mr. DeBlasio and his wife live in Rye, N.Y., as do their daughter, son-in-law and two grandchildren.

Loral Space & Communications is a high technology company that concentrates primarily on satellite manufacturing and satellite-based services, including broadcast transponder leasing and value added services, domestic and international corporate data networks, broadband data transmission, content and Internet services.