Telit Communications (LON:TCM) has hired Yosi Fait as its new finance director. The new director will replace Yariv Dafna, who is stepping down from the board but will remain as chief financial officer.
Fait is a certified public accountant, he began his career at Ernst & Young Israel before moving on to hold a number of executive positions with private and public companies. Notably he has previous experience in the telecommunications industry through his role as chief financial officer at Israel’s first mobile phone operator, Pelephone Communications.
Chief executive Oozi Cats said: "It is with great pleasure that I welcome Yosi to Telit's board of directors.
“I am confident that Yosi's vast experience as CFO of a mobile network operator and as CEO of publicly traded companies will further strengthen Telit's board and will focus our continuous efforts to increase shareholder value.”
Going forward Telit said that Dafna will be responsible for the day-to-day operations of the group’s finance function, while Fait will have overall responsibility for its finance strategy and business development functions.
Telit is a world leader in machine-to-machine (M2M) communication, which very simply allows machines to talk to each other via a wireless network. It is the only pure play M2M company listed in London and it is one of the market’s big three players.
M2M communications has multiple applications. The technology will allow new electricity and gas meters installed in a house to remotely send data back to a utility provider and cars to send information to insurance firms or to the nearest search and rescue team.
In fact, technology exists today to allow your car to talk to your mobile phone, or your fridge to your stove. And as smaller and cheaper computers are designed to process more data while consuming less power, so the M2M market will continue to expand and the number of applications that will be completed remotely will increase exponentially.
According analysts forecasts the market could be worth $1.5 billion by 2014.