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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: 139 GBX

AIM:TCM
Market: AIM
Market Cap: £184.44 m
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