logo-loader
viewTelit Communications PLC

Telit's CEO, Oozi Cats, to take leave of absence pending investigation

It has not been a good week for the industrial Internet of Things leader

Circuit board
Yosi Fait is FD and president of the machine-to-machine communications specialist

Yosi Fait, finance director of Telit Communications Plc (LON:TCM), is to serve as interim chief executive officer while Oozi Cats takes a leave of absence.

The Internet of Things (IoT) enabler issued a statement noting speculation regarding indictments relating to CEO Cats in the USA that pre-date the establishment of Telit.

The Telit board has appointed independent solicitors to look into the matter. Until the review is published, Cats has asked to take a leave of absence from the company.

The news follows a profit warning from the company on Monday that saw more than 40% wiped from the share price.

READ Telit Communications' plunge was an over-reaction, Morgan Stanley claims

READ Telit Communications remains confident of strong first half even as delays slow revenue growth

 

Quick facts: Telit Communications PLC

Price: 164 GBX

AIM:TCM
Market: AIM
Market Cap: £217.61 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Things coming together nicely in Greenland, says Bluejay Mining's CEO

Rod McIllree, Bluejay Mining PLC’s (LON:JAY) chief executive, tells Proactive that all three of its projects in Greenland are shaping up nicely with plenty of interest from mining giants. Dundas is the flagship and here a bulk sample of mineral sands has been shipped to a Rio Tinto facility...

20 hours, 24 minutes ago

2 min read