IoT vendor on the hunt for a new chief exec as shareholder group ousts Yosi Fait

Telit Communications on Friday announced that CEO Yosi Fait will step down with immediate effect.

The announcement comes after pressure from a group of shareholders which called for the removal of Fait and another director, Simon Duffy.

The London-based provider of IoT solutions named non-executive chairman Paolo dal Pino as its interim exec chairman while it sources a new leader.

"A process will now begin to recruit a new chief executive officer," it said in a statement.

Telit also announced the appointment of four new directors, two of whom were proposed by the rebel shareholders. However, it insisted that it had begun discussing the composition of its board and its corporate governance with shareholders before the request to oust the CEO was filed.

Fait took the helm of Telit just 13 months ago on an interim basis when then chief executive Oozi Cats took a leave of absence and then resigned amidst a U.S. property fraud scandal. He was granted the CEO role on a permanent basis in November.

Dal Pino, meanwhile, has been in the non-exec chairman role for just three weeks.