OneWeb CEO Stephen Beynon has decided to step down, raising concerns over the growing French control within the newly combined entity following OneWeb’s merger with Eutelsat.
Beynon’s departure comes at a time when reports suggest an increasing shift of key decisions from the UK to France, following the merger framed as a partnership between the two companies. Founded in 2012 by US tech entrepreneur Greg Wyler, OneWeb aimed to deliver global internet coverage via low earth orbit satellites. However, the company encountered significant challenges in 2020, culminating in a bankruptcy filing after losing support from major investor SoftBank.
The UK government and Indian billionaire Sunil Bharti Mittal rescued OneWeb with a $500 million investment each. Mittal, who recently became BT’s largest shareholder, played a crucial role in maintaining the operations of OneWeb. Beynon, a former columnist and the appointed CEO of OneWeb, later assumed the role of co-president of Eutelsat’s connectivity division post-merger. Despite this, insiders point to a gradual absorption of UK operations by the French parent company.
In light of these developments, the British government retains a 10.9% stake in OneWeb, including a special share meant to protect UK interests. Yet, concerns about diminishing UK influence persist. Beynon’s co-president, Cyril Dujardin, is anticipated to assume full control of Eutelsat OneWeb after Beynon’s exit next month. This leadership transition has prompted further questions regarding the future and strategic direction of OneWeb’s UK operations.
Neither Beynon nor Eutelsat have provided comments on this resignation. However, the search for Beynon’s successor is actively underway, underscoring the urgency of addressing leadership and strategic concerns within the organisation.
The evolving leadership dynamics within Eutelsat OneWeb continue to raise questions about the long-term strategic direction and influence of the UK in the company. The search for a new CEO to succeed Stephen Beynon remains paramount.
