Telit director resigns shortly after firm establishes new board of directors

13 June 2018

(Sharecast News) - AIM-listed Internet of Things enabler Telit Communications told investors on Wednesday that executive director Enrico Testa had resigned as a director of the company with immediate effect.
However, despite stepping down from his position at Telit, Testa would remain in his role as chief executive of the communications company's Italian subsidiary, Telit Communication SPA.

Testa's departure comes after a number of corporate developments during the year, including a change in management following the departure of former chief executive Oozi Cats and a new board of directors.

Cats resigned from the company after it was alleged in a number of media outlets that he was the same person as Uzi Katz, an Israeli businessman who fled the US after being indicted for wire fraud along with his wife and a business associate in 1992.

Back in April, Telit reported that revenues rose slightly to $374.5m from $370.3m in its last trading year, but noted that its gross margin reduced to 35.1% from 40.3% and gross profit fell to $131.6m from the $149.4m seen in 2016.

As of 1600 BST, Telit shares had gained 1.25% to 154.40p.