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Telit Ousts CEO Fait After Shareholder Revolt, Chair Dal Pino Replaces

LONDON (Alliance News) - Telit Communications PLC on Friday said it has reached an agreement with ...

Alliance News 21 September, 2018 | 9:58AM
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LONDON (Alliance News) - Telit Communications PLC on Friday said it has reached an agreement with its Chief Executive Yosi Fait, by which he will step down with immediate effect.

At the beginning of September, Telit has received a general meeting requisition from major shareholders to replace several directors, including Interim Chairman Simon Duffy and CEO Yosi Fait.

The wireless technology provider said Non-Executive Chairman Paolo Dal Pino will become an executive chairman on an interim basis, while Telit is in the process of recruitment of a new CEO.

In addition to that, the company said it plans to appoint four additional non-executive directors, including Gil Sharon, Adam Power, Suvi Linden, and Harald Rosch.

Sharon is the chairman & CEO of mobile network operator Golan Telecom since 2017. Prior to this he spent 10 years as president & CEO at Pelephone Communications, the leading cellular operator in Israel.

Linden has previously served as Finland's minister of communications between 2007 and 2011, while Power was most recently a president of international & China for CBS Corp.

Finally, Rosch, who is currently CEO of mobile operator Melita, has previously worked as CEO of Germany's third largest cable operator Kabel Baden-Wurttemberg.

"I am confident the appointment of four highly qualified non-executive directors will strengthen the board," said Paolo Dal Pino.

"On behalf of the business as a whole, I would like to thank Yosi for his contribution to Telit over many years," added Paolo Dal Pino. "We wish him the best for the future."

Telit shares were up 3.1% on Friday at 165.02 pence each.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2018 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Telit Communications PLC 165.00 GBX 3.77 -

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