Telit's Oozi Cats takes leave pending investigation

Internet of Things company Telit Communications issued a statement on Wednesday, confirming that its chief executive Oozi Cats was taking a leave of absence following speculation over “historical indictments” in the United States.

The AIM-traded firm said the matters were unrelated to Telit, and “significantly” predated its establishment.

Its board confirmed it had appointed independent solicitors to conduct a “thorough review” of the matter.

“Pending the outcome of this review, the board have agreed to Cats' request for a leave of absence from the company,” it said in a statement.

“Yosi Fait, finance director and president, will serve as interim chief executive officer during this time.”

Telit was already reeling from a very red Tuesday, on which it lost 40% of its share price after issuing a major profit warning.