TIDMTCM
RNS Number : 4778B
Telit Communications PLC
21 September 2018
Telit Communications PLC
Board changes and shareholder requisition notice withdrawn
London, 21 September 2018 - 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:
-- Suvi Linden, aged 56, who would bring significant experience
of telecommunications after having served as Finland's Minister of
Communications in between 2007 and 2011 and as Commissioner and
ITU`s Special Envoy for the United Nations Broadband Commission for
Digital Development and Member of Arctic Economic Council's
Telecommunication Working Group. She has also held a number of
private and public executive roles, most recently as Chairperson
for the Board of NxtVn Finland, a digital infrastructure
provider.
-- Gil Sharon, aged 55, who is the Chairman and CEO of Golan
Telecom, a mobile network operator in Israel, since 2017. Prior to
this he spent 10 years as president and CEO for Pelephone
Communications, the leading cellular operator in Israel. He joined
Pelephone in 2001 as its Deputy CEO and Chief Marketing Officer
responsible for strategy, marketing, sales and new business
development. He has previously held Board level positions of
BezeqInternational, Yes, Angel Bakeries and Human Monitoring.
-- Adam Power, aged 49, is a career digital and media executive,
most recently as president of international and China for CBS
Corporation. Mr. Power has led significant growth across global
markets through organic development and a strong M&A track
record with over 25 acquisitions in China, Europe and Asia. He also
is involved in social commerce start-ups and consults to media
companies to help expand their business into new markets.
-- Harald Rösch, aged 50, who is currently CEO of Melita, a
cable and mobile operator in Malta, and was responsible for leading
its turnaround to double digit growth and an expansion of market
share in TV and mobile. Previously he has been CEO of Kabel
Baden-Württemberg, Germany's third largest cable operator. From
2003 to 2008 he led the transformation for HanseNet, a local
Hamburg telco into one of Germany's top 4 broadband companies.
Previously he was Chairman of United Digital Group, Internetstores
and has held Board positions of Blizoo, SEAT PagineGialle and Sky
Deutschland. He graduated with an MBA from INSEAD in 1995 with
distinction.
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."
Enquiries:
Telit Communications PLC Tel: c/o Instinctif
Paolo Dal Pino, Executive Chairman Partners
Tel: +44 20 7220 0500
finnCap (Nomad and joint broker)
Henrik Persson/Giles Rolls
Berenberg (Joint Broker) Tel: +44 20 3465 2722
Chris Bowman/Mark Whitmore
Instinctif Partners Tel: +44 20 7457 2077
Adrian Duffield/Chantal Woolcock
About Telit
Telit (AIM: TCM), is a global leader in Internet of Things (IoT)
enablement. The company offers the industry's broadest portfolio of
integrated products and services for end-to-end IoT deployments -
including cellular communication modules in all technologies, GNSS,
Wi-Fi, short-to-long range wireless modules, IoT connectivity plans
and IoT platform services. Through the IoT Portal, Telit makes IoT
onboarding easy, reduces risk, time to market, complexity and costs
for asset tracking, remote monitoring and control, telematics,
industrial automation and others, across many industries and
vertical markets worldwide.
# # #
Copyright (c) 2018 Telit Communications PLC. All rights
reserved. Telit and all associated logos are trademarks of Telit
Communications PLC in the United States and other countries. Other
names used herein may be trademarks of their respective owners.
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
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END
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