BATM Advanced Communications Ltd (LSE:BVC) has promoted its chief financial officer Moti Nagar to the role of chief executive officer with effect from 1 January next year.
Nagar will succeed Zvi Marom, who is stepping down as CEO, although he will remain on the board as a non-executive director, the company said in a statement.
Nagar joined BATM as vice president of finance in 2014 and has been the group’s CFO since 2015. Over the past three years, he has been the de facto chief operating officer of the group, supporting Marom in the running of day-to-day operations.
Prior to BATM, Nagar held several senior positions at Deloitte from 2005, including as a senior manager from 2011-2014.
"On behalf of the board, I would like to thank Zvi for his tireless commitment and outstanding contribution to the development and success of BATM since founding it in 1992,” commented BATM chairman Gideon Chitayat.
“Under his leadership, the team at BATM has delivered exceptional value creation for shareholders during those years. He passes on BATM in a strong financial position and with a solid platform to push ahead with the commercialisation of the IP developed within the group.”
He added: “Moti brings his sound financial knowledge to this position and, coupled with his capital markets and M&A expertise, I am sure he will help shape the future of BATM as a global company.
“Most importantly, having helped in running the day-to-day operations over the past three years, he not only provides continuity but has impressed the board with exciting ideas on how to take the group to the next level.”
Nagar commented: “Under the leadership of Zvi, the remarkable progress over the past few years has created a strong platform for future growth. I look forward to working closely with the board, the BATM team and our key partners as we continue to drive forward a multi-pronged growth strategy and realise further value for shareholders."