TAMPA, Fla. — Eutelsat shares closed up nearly 13% May 5 after the French operator said it would replace its CEO with Jean-François Fallacher, a telecoms veteran joining from a key partner in Europe’s planned sovereign broadband constellation.

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Jason Rainbow writes about satellite telecom, finance and commercial markets for SpaceNews. He has spent more than a decade covering the global space industry as a business journalist. Previously, he was Group Editor-in-Chief for Finance Information Group,...