Yosi Fait, finance director of Telit Communications Plc (LON:TCM), is to serve as interim chief executive officer while Oozi Cats takes a leave of absence.
The Internet of Things (IoT) enabler issued a statement noting speculation regarding indictments relating to CEO Cats in the USA that pre-date the establishment of Telit.
The Telit board has appointed independent solicitors to look into the matter. Until the review is published, Cats has asked to take a leave of absence from the company.
The news follows a profit warning from the company on Monday that saw more than 40% wiped from the share price.