ASTS Stock Jumps on New Commercial Chief Amid Intensifying Competition

A new executive vice president and chief commercial officer has joined AST SpaceMobile (ASTS), bringing experience from SiriusXM, ADT, and Google. Wayne Thorsen's appointment comes as the company works to turn its relationships with mobile network operators into commercial satellite connectivity.

Thorsen most recently served as SiriusXM's executive vice president and chief operating officer until July. He previously worked at ADT and spent nearly five years as Google's vice president of devices and services business development, where his responsibilities included partnerships spanning Google Fi, Pixel, Nest, and Fitbit.

The stock rose 1% overnight after fresh filings revealed Thorsen's appointment and a 200,000-RSU award, worth about $11.4 million at Thursday's close. This comes as the company faces increased competition from SpaceX's Starlink service.