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How would you fix LightSquared? Here's your chance

Wireless company's CEO is leaving top spot after FCC removes operating license.

LightSquared CEO Sanjiv Ahuja delivers a speech at CTIA 2011. CNET/Marguerite Reardon

LightSquared, the wireless network company recently shot down by the FCC, is looking for a new CEO.

In light of the failure of the company to hold on to its waiver to operate a wireless network in satellite spectrum that is adjacent to GPS signals, the company's CEO, Sanjiv Ahuja, has resigned his post. According to a statement, he will continue to serve as chairman of the company's board.

Philip Falcone, CEO of Harbinger Capital, which contributed to LightSquared's $14 billion funding and who is now joining the company's board, said in the statement, "We are committed to working with the appropriate entities to find a solution to the recent regulatory issues. I am confident that working together, we can solve this problem and bring the American consumer the lower-priced 4G wireless alternative they need and deserve."

Operating duties will be jointly held by Doug Smith, chief network officer, and Marc Montagner, chief financial officer, while the CEO search is underway.

On February 21, LightSquared confirmed plans to cut 45 percent of its workforce to conserve cash.

The CEOship of this troubled company, sitting on an expensive but possibly toxic spectrum asset, is a chance to be a business hero. However, job requirements are not listed on the company's Careers page.