idt telecom -- management changes.
IDT Appoints COO Motti Lichtenstein As CEO Of IDT Telecom - Update [IDT]
10/26/2007 5:18:49 PM
Telecom services provider IDT Corp. (IDT) said Friday that it has appointed its COO Motti Lichtenstein as CEO of IDT Telecom to focus on the turnaround of its telecom subsidiary.
Lichtenstein, who has served as the COO of IDT since January 2006, had previously served as CEO of IDT Telecom from May 2001 until December 2005.
Steve Brown, IDT's former CFO, will replace Lichtenstein as COO of the company. Brown also previously served as Co-Chairman and President of IDT Entertainment.
Additionally, the company announced the appointment of Mikhail Leibov as President, Marcelo Fischer as CFO, Ely Tendler as General Counsel and Yona Katz as COO of IDT Telecom.
IDT also said that its Board of Directors has also approved an incentive compensation program for IDT Telecom's executive team and other key employees, whereby Telecom management can share positive cash flows generated by the businesses they operate or develop, as well as proceeds from monetization of assets and growth in the value created in the Telecom division above agreed upon base values.
However, the incentive plan is accompanied by significant cuts in management compensation and other reductions in selling, general and administrative expenses to help bring Telecom's operations back to profitability, the company noted.
IDT shares closed Friday's regular trading session at $7.75, down 18 cents or 2.27%, but gained 8 cents or 1.06% in after hours trading. |
