TEL AVIV, Israel -- RiT Technologies' (NASDAQ: RITT) board of directors announced that the company will undertake a number of strategic investments, including the recruitment of additional management team members, "in order to grow the company to a new level and to achieve its true potential." RiT is a supplier of cabling infrastructure and management systems for mission-critical data centers and communication rooms.
The company's board announced that it has accepted the resignation of Mr. Eran Ayzik, RiT's CEO during its turnaround over the past two years, with thanks for his successful management efforts, and has appointed Dr. Vadim Leiderman to serve as its new president and CEO, effective immediately. In parallel, the board has expanded the company's management capabilities with the recruitment of a deputy CEO, Mr. Moti Hania, and a CTO, Dr. Erez Ben Eshay.
- Dr. Vadim Leiderman served for the past three years as the Defense Attache
and Representative of the Israel Ministry of Defense to the Russian Federation,
preceded by 24 years of service in the Israeli Air Force (IAF) in various commanding
and engineering positions, from which he retired as a Colonel. Dr. Leiderman holds a
B.Sc. in Aeronautical Engineering from The Technion, Israel Institute of Technologies,
and an M.Sc. in Mechanical Engineering and a Ph.D. in Composite Materials from the Tel
Aviv University, Israel.
- Mr. Moti Hania brings RiT his experience as the successful co-founder and
CEO of BNM Technologies Ltd. (acquired by Starling Advanced Communication Systems
Ltd.), following his 30 year career as a high-ranking officer in the Israeli Air
Force. He holds a B.Sc. in Management and Logistics from Ben Gurion University and an
MBA from Tel Aviv University.
- Dr. Erez Ben Eshay comes to RiT after 25 years of experience managing
large, complex R&D and business development organizations, including most recently as
CTO of American Unmanned Systems, BNM Technologies and SDS. Dr. Ben Eshay holds a
Ph.D. in Electrical Engineering from Rochville University and has served as a
consultant to HP, Intel, Cisco, Lucent, Motorola and other global companies.
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Commenting on the news, Mr. Sergey Anisimov, the chairman of RiT's Board of Directors, said, "We are grateful to Mr. Eran Ayzik, who has executed a successful turnaround while initiating the creation of important new products. Working in parallel, we have formulated a bold new vision and direction for the company, and have recruited additional management team members with the right skills to carry out an ambitious new program. Among other tasks, we have mandated the management team to expand our R&D and other teams as needed to complete a number of exciting new projects. In addition we at Stins Coman Incorporated, the controlling shareholder of RiT, continue to have full confidence in RiT's long-term potential and stand behind its efforts to take its business to a whole new level."
To assure that the goals of the company's new officers are aligned with those of the board of directors, it has offered them equity compensation as part of their employment packages. Dr. Leiderman has been granted options to purchase up to 1.2% of the company's outstanding shares; Mr. Hania has been granted options to purchase up to 1%; and Dr. Ben Eshay has been granted options to purchase up to 0.5%.
In addition, in evaluating Mr. Ayzik's contribution, the company has approved an additional retirement package, which includes three months' salary (in addition to his contractual three months' adjustment period) and an extension of Mr. Ayzik's vested options until the end of March 2014.
For more information, visit http://www.rittech.com.
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