Yahoo Finance Troubled Telit severs ties with second chief exec in just over a year
Scandal-hit tech firm Telit Communications has severed ties with its second chief executive in just over a year.
In a statement to investors Telit said Yosi Fait - who stepped up from the role of finance director only last August - will "cease to be a director and CEO with immediate effect".
Telit's previous chief executive Oozi Cats left the company last August over his alleged links to a 25-year-old property fraud perpetrated in the US by a man named Uzi Katz.
Mr Cats resigned after an investigation by City law firm Cameron McKenna into reports he was a fugitive from justice found evidence he had "knowingly withheld" a US indictment.
Mr Fait's departure comes days into Italian telecoms veteran Paolo Dal Pino's tenure as chairman of the AIM-listed firm.
Mr Dal Pino, who started at Telit earlier this month, will take over Mr Fait's executive responsibilities on an interim basis.
Telit's boardroom has been gripped by turmoil throughout the period since Mr Katz's departure, which came days after a major profit warning.
Previous chairman Richard Kilsby was ousted by investors in June.
Just weeks ago hedge fund manager Davide Serra, who owns around 5pc of Telit, called for a general meeting to oust Mr Fait. But in its statement today Telit confirmed Mr Serra had withdrawn this request.
The company sought to gloss over the spate of departures by also announcing four non-executive hires to its board.
The appointments are Suvi Linden, a former minister of communications in Finland and Gil Sharon, boss of Israeli mobile network firm Golan Telecom.
Ex-CBS international president Adam Power and the current chief of Maltese cable firm Melita were also appointed to the board.
Telit shares were up almost 4pc following the news to 165p. But they are still worth much less than they were in May, when the shares were trading hands at 354p.
The company specialises in the 'internet of things', which involves linking machines up so they can communicate with each other.
Mr 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 internet of things 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."
