Hamid Akhavan has unexpectedly left EchoStar and Hughes Satellite Corp, effective immediately. He was president and CEO at the Charlie Ergen-founded satellite company.

The departure reason is reportedly “after a change in strategic direction”. His departure was disclosed in a Security and Exchange Commission (SEC) filing made by the company. According to the filing with the SEC, Akhavan will remain available to consult with EchoStar and Hughes through December 2026 to help ensure an orderly transition.

Akhavan joined EchoStar as CEO and president in March 2022, succeeding Michael Dugan. He later joined the company’s board of directors in December 2023, effective with the merger of EchoStar and Dish Network.

As part of the departure arrangement, his existing employment agreement will be modified to accelerate the vesting of his outstanding stock options, moving the vesting date up to July 6th from a previously scheduled date of December 31st.

Coincidentally, Citibank analyst Michael Rollins initiated coverage on EchoStar with a buy rating, and setting the company’s target price at $126 per share.

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Tags: Echostar, Hughes