CEO stepping downNo "real" reason given for his departure. Hopefully his replacement will be able to continue top line and bottom line growth while being able to increase shareholder value so it's at least fairly valued.
2022-07-07 11:07 ET - News Release
Mr. Amit Bohensky reports
ZOOMD PROVIDES MANAGEMENT UPDATE
Zoomd Technologies Ltd. and its wholly owned subsidiary Zoomd Ltd.'s current chief executive officer (CEO) Ofer Eitan will be stepping down from his role and the company will commence a search for a new CEO. Mr. Eitan will continue to serve as the company's CEO until the earlier of (1) a suitable replacement CEO being found; and (2) Dec. 31, 2022. Mr. Eitan will remain on the company's board of directors until further notice following his resignation and assist in a smooth leadership transition.
Mr. Eitan has been the chief executive officer of the company for the past five years, since the merger in 2017 between the company and Moblin (the company that he founded and managed). Under Mr. Eitan's leadership, the company has built a strong management team and drove outstanding results -- the 2021 audited annual financial statements reflected annual revenues of above $50-million, representing a year-over-year growth of more than 100 per cent, a solid and profitable operation, with Tier 1 international companies, and a strong path for the development of the company's business.
"It has been a pleasure to serve as the CEO of Zoomd during the past years and I want to thank all of our employees and partners along the way -- innovation and dedication allowed us to achieve so much. I feel that time is ripe for entrusting the company to a new CEO, who will ensure further growth and additional creation of value for the company and its shareholders," said Mr. Eitan.
"I want to thank Ofer for his distinguished leadership at Zoomd. With him at the helm during the last five years, Zoomd has increased its revenue, profit and customer base, the activity is stable, and on an excellent track for continued healthy development of the company," said Amit Bohensky, chairman of Zoomd's board of directors.
To ensure a seamless transition, the company's board of directors has appointed a committee including Mr. Eitan to conduct a search for the new CEO and make recommendations to the full board of directors. The committee will be hiring a leading executive search firm to conduct a global search for Mr. Eitan's successor.