LightSquared names new chief financial officer

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 LightSquared has become embroiled in political controversy in recent months.

The company has invested billions of dollars in plans to launch a nationwide wholesale broadband service, but tests have shown its network could interfere with GPS devices. Federal Communications Commission officials have said they will not grant the company permission to move forward until it resolves the interference problems.

Sen. Chuck Grassley (R-Iowa) has questioned why the FCC allowed LightSquared to get as far as it has in the regulatory process, and he has promised to block President Obamas two nominees to the FCC until the agency releases internal documents related to its review of the company.