Yona Ovadia Steps Down as Gilat's CEO, Adi Sfadia Named as Interim CEO of Gilat
July 02 2020 - 7:48AM
Gilat Satellite Networks Ltd. (NASDAQ, TASE: GILT), a worldwide
leader in satellite networking technology, solutions and services,
announces that Yona Ovadia steps down as Gilat's CEO effective
immediately. Adi Sfadia, Gilat's CFO and Chief Integration Officer
will assume the position of interim CEO. Mr. Ovadia will remain as
a consultant of the Company and continue assisting in the
integration with Comtech.
Dov Baharav, Chairman of the Board of Directors stated, "On
behalf of the entire Board of Directors, we are highly appreciative
of Mr. Ovadia's contribution in leading Gilat over the past four
years, during which time he achieved remarkable results and turned
the company into a significant profitable player in the satellite
communications market, particularly in the Mobility and Cellular
Backhaul segments and most recently in the Non GEO Stationary Orbit
(NGSO) market."
Yona Ovadia said, "I would like to thank Gilat's employees and
management team for the tremendous efforts and achievements that
have brought us to this point. I have great faith in Gilat and its
innovative technology, and more so in the incredible talent,
professionalism, and dedication of Gilat’s and Wavestream’s
employees worldwide, which I trust will continue to propel Gilat to
even further success. I would also like to use this opportunity to
thank Gilat's chairman of the board, as well as all the board
members for their trust and support over the last four years and to
wish Gilat under the new capable leadership of Adi Sfadia great
success."
About Gilat Gilat Satellite Networks Ltd.
(NASDAQ: GILT, TASE: GILT) is a leading global provider of
satellite-based broadband communications. With 30 years of
experience, we design and manufacture cutting-edge ground segment
equipment, and provide comprehensive solutions and end-to-end
services, powered by our innovative technology. Delivering high
value competitive solutions, our portfolio comprises of a cloud
based VSAT network platform, high-speed modems, high performance
on-the-move antennas and high efficiency, high power Solid State
Amplifiers (SSPA) and Block Upconverters (BUC).
Gilat’s comprehensive solutions support multiple applications
with a full portfolio of products to address key applications
including broadband access, cellular backhaul, enterprise,
in-flight connectivity, maritime, trains, defense and public
safety, all while meeting the most stringent service level
requirements. Gilat controlling shareholders are the FIMI Private
Equity Funds. For more information, please visit: www.gilat.com
Certain statements made herein that are not historical are
forward-look ng within the meaning of the Private Securities
Litigation Reform Act of 1995. The words "estimate", "project",
"intend", "expect", "believe" and similar expressions are intended
to identify forward-looking statements. These forward-looking
statements involve known and unknown risks and uncertainties. Many
factors could cause the actual results, performance or achievements
of Gilat to be materially different from any future results,
performance or achievements that may be expressed or implied by
such forward-looking statements, including, among others, changes
in general economic and business conditions, inability to maintain
market acceptance to Gilat's products, inability to timely develop
and introduce new technologies, products and applications, rapid
changes in the market for Gilat's products, loss of market share
and pressure on prices resulting from competition, introduction of
competing products by other companies, inability to manage growth
and expansion, loss of key OEM partners, inability to attract and
retain qualified personnel, inability to protect the Company's
proprietary technology and risks associated with Gilat's
international operations and its location in Israel. In addition,
there is uncertainty about the spread of
the COVID19 virus and the impact it will have on the
Company’s operations, the demand for Company’s products, global
supply chains and economic activity in general. These and other
risks and uncertainties are detailed in the Company’s Securities
and Exchange Commission filings. We undertake no obligation to
update or revise any forward-looking statements for any reason. For
additional information regarding these and other risks and
uncertainties associated with Gilat's business, reference is made
to Gilat's reports filed from time to time with the Securities and
Exchange Commission.
Contact:Gilat Satellite Networks Doreet Oren
DoreetO@gilat.com
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