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Gilat Satellite Networks President/CEO Resigns

By | July 6, 2004

      Petah Tikva, Israel-based Gilat Satellite Networks Ltd. [GILTF] announced that Oren Most, its president and CEO, will step down July 15. Shlomo Rodav, who has served as chairman of Gilat’s board of directors for the past 15 months, will retain his current post plus the additional role of CEO.

      “When I joined Gilat at the beginning of 2003, in a most difficult time and in a deteriorated business situation of the company, it was absolutely clear to me that the turnaround of the company and a merger or acquisition were the ultimate goals for Gilat,” Most said in a written statement. “A turnaround plan was implemented and has begun to bear fruits. It is now clear to me that a merger or acquisition is not a present challenge which Gilat faces and, as such, I have made the decision to move on to pursue a new opportunity.”

      Key steps undertaken by Most and the rest of the company’s senior management team include: formulating a new strategy that focuses Gilat on its core technology business, development of a global management team to lead its business units and the launch of a new generation of Gilat products.

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