Telit Communications gets back on its feet after takeover rumours and chief executive replacement shortlist

 
Alys Key
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Telit could get new leadership (Source: Getty)

Internet of things provider Telit Communications is set to gain a new chairman after its chief executive turned out to be a fugitive.

Following the resignation of CEO Oozi Cats, who was subject to fraud allegations under the alternative name Uzi Katz, the company is said to have shortlisted contenders for the position of chairman, including former 888 chief Richard Kilsby.

Stocks plummeted following Cats's resignation, but showed signs of recovery last week as rumours swirled that Telit, which supplies to companies including Tesla, could be taken over. Shares were up more than seven per cent on Friday.

Run Liang Tai Management has built up its holdings in the company to 14 per cent since its shares tumbled, leading to speculation that it could take control of the firm.

Earlier this month, the Aim-listed firm denied it was under formal investigation by the FCA over the movement of shares held by Cats.

Prior to Cats's resignation, the company's shares had already plunged by almost 40 per cent after it swung to a loss.

Representatives of Telit declined to comment.

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