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Telit parts company with chief executive Yosi Fait

"On behalf of the business as a whole, I would like to thank Yosi for his contribution to Telit over many years," said chairman, Paolo Dal Pino, who will assume executive duties until a new chief executive can be found

Departure of CEO
Davide Serra, acting through his nominees, has subsequently withdrawn his requisition of a shareholder meeting.

Non-executive chairman Paolo Dal Pino has taken on executive duties at Telit Communications Plc (LON:TCM) following the departure of the chief executive officer, Yosi Fait.

The Internet of Things (IoT) specialist said it had reached an agreement with Fait whereby he would cease to be a director with immediate effect.

READ: Rebel shareholders move to oust Telit boss Yosi Fait

The move came after a group of shareholders, whether Fait and fellow director Simon Duffy should be removed from the board.

A process will now begin to recruit a new chief executive officer.

Telit said that even before the request to hold a meeting it had been engaging with shareholders in regard to the composition of the board and that following those discussions it plans to appoint Suvi Linden, Gil Sharon, Adam Power and Harald Rösch to the board as non-executive directors.

Linden is the former Minister of Communications in Finland; Sharon is the boss of Golan Telecom, a mobile network operator in Israel; Power has previously been president of international and China for media group, CBS; Rösch is currently the chief executive of Melita, a cable and mobile operator in Malta.

READ: Telit Communications names Paolo Dal Pino as its new chairman

There was no mention in the statement of Simon Duffy.

"I am confident the appointment of four highly qualified non-executive directors will strengthen the board. This will enable the company to reinforce its leading position in the global industrial IoT space,” said Dal Pino, who only joined Telit as chairman last month.

 

Quick facts: Telit Communications PLC

Price: 131.2 GBX

AIM:TCM
Market: AIM
Market Cap: £174.54 m
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