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.
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.
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.