LONDON -- Telit Communications PLC (AIM: TCM, "Telit", the "Group"), a global enabler of the Internet of Things (IoT), announces that it has reached an agreement with Yosi Fait, the Group’s Chief Executive Officer, by which he will cease to be a Director and CEO with immediate effect.
Paolo Dal Pino, the non executive Chairman who has previously held a number of Chief Executive Officer roles, becomes Executive Chairman on an interim basis. A process will now begin to recruit a new chief executive officer.
The Group has, both before and after the requisition notice announced on 7 September 2018, engaged with its shareholders with regard to the composition of the Board and corporate governance of the Group.
The Board plans to appoint the following four individuals as non-executive directors, following completion of inter alia customary regulatory due diligence:
Disclosures required pursuant to Schedule 2(g) of the AIM Rules will be made at the time of their appointment.
Davide Serra, acting through his nominees, has subsequently withdrawn his requisition of a shareholder meeting.
Paolo Dal Pino, Chairman, commented that:
“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.
“On behalf of the business as a whole, I would like to thank Yosi for his contribution to Telit over many years. We wish him the best for the future.”