DigitalGlobe Announces Chief Financial Officer Transition

DigitalGlobe (NYSE: DGI), a leading provider of commercial high-resolution earth observation and advanced geospatial solutions, today announced that company Chief Financial Officer, Yancey L. Spruill, will step down as CFO on Oct. 1, 2014.

DigitalGlobe has commenced a search to identify a new CFO, and has retained Heidrick & Struggles, a leading executive search firm, to assist with this process. Spruill will continue in his role as CFO and will support the search for his successor.

Spruill will be stepping down following a highly successful ten-year career with the company, during which he played a key leadership role in transforming DigitalGlobe from a small, privately-held satellite imagery provider with $60 million in revenue into an NYSE-listed leader in geospatial information with a diversified customer base, unrivaled technology and $613 million in revenue in 2013.

"Yancey's contributions to DigitalGlobe over the last decade have been instrumental to our success," said Jeffrey R. Tarr, DigitalGlobe CEO. "He built a finance organization with talented professionals, led the company's 2009 initial public offering, built a solid balance sheet, and played a key strategic and financial role in our 2013 combination with GeoEye. The entire DigitalGlobe team -- including the Board and management -- will miss his insight and leadership. We wholeheartedly thank Yancey for his contributions to making DigitalGlobe the company it is today, and wish him continued success in the future."

Spruill said, "The last ten years have been profoundly gratifying and enjoyable, and I am extremely proud of our accomplishments as a team. I have deep appreciation for our DigitalGlobe team, our customers, our Board and shareholders. I believe the company is well positioned for continued success, and the timing is right for me to begin to pursue other aspirations. As I prepare to start the next chapter of my career, I am committed to ensuring a smooth transition for DigitalGlobe."

Spruill joined DigitalGlobe in 2004 after a career as an investment banker and as a manufacturing engineer, and has served as the company's CFO during his entire tenure.

About DigitalGlobe

DigitalGlobe is a leading provider of commercial high-resolution earth observation and advanced geospatial solutions that help decision makers better understand our changing planet in order to save lives, resources and time. Sourced from the world's leading constellation, our imagery solutions deliver unmatched coverage and capacity to meet our customers' most demanding mission requirements. Each day customers in defense and intelligence, public safety, civil agencies, map making and analysis, environmental monitoring, oil and gas exploration, infrastructure management, navigation technology, and providers of location-based services depend on DigitalGlobe data, information, technology and expertise to gain actionable insight.

DigitalGlobe is a registered trademark of DigitalGlobe.

Please follow SpaceRef on Twitter and Like us on Facebook.