LITTLETON, Colo. — Dish Network Corp. on Monday revealed its CEO will be resigning Nov. 12 — before the company’s merger into sister company EchoStar— and it issued quarter results that missed profit and revenue expectations so significantly the company lost 37% of its stock market value.
Dish Network’s results shocked investors so much it dragged down EchoStar Corp.’s stock price by 31% Monday.
Dish Network, the satellite television and video streaming company, is slated to be acquired by EchoStar Star Corp., a satellite communications business, in a merger expected to close before year’s end.
Dish Network revealed in a U.S. Securities and Exchange Commission filing that President and CEO Erik Carlson submitted his resignation notice Friday, saying he’d leave the company on Nov. 12 instead of remaining in the position until after its merger with EchoStar closed.
Hamid Akhavan, Echostar president and CEO, is being named the replacement CEO for Dish Network.
No reason for Carlson’s resignation was given beyond saying it wasn’t the result of disagreements with the Dish Network board or management. Dish Network said it would make more disclosures once Akhavan was formally in the role.
> Read the rest of the article at the Denver Business Journal.
SUGGESTED VIDEOS: Latest from 9NEWS
9NEWS+
9NEWS+ has multiple live daily shows including 9NEWS Mornings, Next with Kyle Clark and 9NEWS+ Daily, an original streaming program. 9NEWS+ is where you can watch live breaking news, weather updates, and press conferences. You can also replay recent newscasts and find videos on demand of our top stories, local politics, investigations and Colorado specific features.
To download 9NEWS+ on Roku search for KUSA.
To download 9NEWS+ on Fire TV search for 9NEWS.
