Stephen Beynon, the British CEO of satellite internet provider OneWeb, is set to resign just under a year after the company merged with France’s Eutelsat.
His departure comes amid reports of increasing French dominance within the newly combined group, with key decisions shifting away from the UK.
OneWeb, which was founded in 2012 by US tech entrepreneur Greg Wyler to deliver global internet coverage via low earth orbit satellites, faced significant challenges in 2020, filing for bankruptcy after losing support from major investor SoftBank. The company was subsequently rescued by a $500 million investment from the UK government and an equal sum from Indian billionaire Sunil Bharti Mittal, who recently became BT’s largest shareholder.
Former Business Matters columnist, Beynon was appointed CEO of OneWeb and co-president of Eutelsat’s connectivity division following the merger, which saw Eutelsat acquire OneWeb in a deal framed as a partnership. However, insiders suggest that the UK operations are increasingly being absorbed by their French parent, despite the British government retaining a 10.9% stake and a special share intended to protect UK interests.
Beynon’s co-president, Frenchman Cyril Dujardin, is expected to take full control of Eutelsat OneWeb after Beynon’s departure next month. The search for Beynon’s successor is currently underway, with the leadership transition raising further questions about the future of OneWeb’s UK operations.
Neither Beynon nor Eutelsat have provided any comment on the resignation.
