Telit parts ways with CEO

Telit Communications has parted ways with chief executive Yosi Fait after the two reached an agreement for him to relinquish his directorship in the firm with immediate effect.

While Telit begins the search for its next CEO, new chairman Paolo Dal Pino will take on the role of executive chairman on an interim basis.

The decision to remove Fait came shortly after a group of shareholders asked whether or not Fair and Simon Duffy should be removed from the group's board.

Telit also revealed it has appointed Suvi Linden, Finland's ex-minister of communications, Gil Sharon, Adam Power and Harald Rösch to the board as non-executive directors.

Dal Pino said: "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."

As of 0840 BST, Telit shares had ticked up 1.31% to 162.10p.