Telesat brings veteran mining, energy exec Tremblay on board as next CFO

August 27, 2025

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Telesat is turning to a veteran executive from the mining and energy sectors to be its next chief financial officer as it prepares to launch its ambitious low-Earth-orbit satellite constellation. The Ottawa-based company said Wednesday it has hired Donald Tremblay as its next CFO effective Oct. 20. Tremblay will replace Andrew Browne, who is retiring after serving in Telesat’s C-suite since 2019. “I’m excited to join Telesat at such a pivotal time,” Tremblay, who earned a bachelor’s degree in accounting from l’Universite du Quebec en Outaouais, said in a statement. “Telesat has a long history of innovation and a highly promising plan to grow its business. I’m eager to join the world-class team of professionals at Telesat and contribute to the company’s next phase of growth and value creation.” In a career spanning more than 35 years, Tremblay has held senior executive positions at a number of well-known public and privately owned companies. For the past three years, he served as CFO of Champion Iron, a publicly traded firm in Canada and Australia that focuses on mining in Quebec. Tremblay previously held similar roles at Montreal-based mining powerhouse Iron Ore Company of Canada as well as at publicly traded power generator TransAlta and sustainable energy producer Brookfield Renewable, where he helped grow the company’s market capitalization from $300 million to more than $2.5 billion. Now, he’ll oversee the finances of an organization looking to make its mark in the emerging field of LEO satellites. Telesat says its new satellites, which will be much closer to the Earth than traditional satellites, will deliver faster and more reliable internet service to remote regions and users in harder-to-reach locations such as aircraft and cruise ships. The Ottawa firm expects to launch the first batch of satellites in the US$3.5-billion LEO constellation, dubbed Lightspeed, late next year. “Donald’s extensive leadership experience, broad financial expertise, and deep understanding of capital markets make him a valuable addition to Telesat’s executive team,” Telesat president and CEO Dan Goldberg said in a news release. Telesat reported revenues of $106 million for the quarter ending June 30, a 30 per cent drop from the same period a year ago. The company said the decrease was primarily due to a lower rate on the renewal of a long-term agreement with a North American direct-to-home television customer, reductions in services for certain other customers, and lower LEO consulting revenues. Telesat’s net income for the quarter was $76 million, compared with $129 million the previous year. The firm attributed the decline to a smaller gain on debt repurchase and lower Revenue, which was partially offset by a gain on foreign exchange in the second quarter of 2025, compared with a loss in the same quarter the previous year. Telesat is projecting revenues of between $405 million and $425 million in 2025, down from $571 million last year, as it phases out some of its aging GEO satellites and existing enterprise customers migrate to competitors such as Starlink. Telesat shares were up 23 cents to $28.29 in early afternoon trading on the Toronto Stock Exchange. The company's stock has risen nearly 18 per cent since the start of the year.