OTI Chairman Resigns as Shareholders Group Prepares to Take Control

Dec 30 2012

Facing growing pressure from a dissident shareholders group, Oded Bashan has submitted his resignation as chairman of Israel-based contactless and NFC vendor On Track Innovations, a company he co-founded 22 years ago.

Bashan’s son Ohad also resigned as president and chief marketing officer of the company, OTI announced today. The resignations of father and son, submitted Monday, are effective in six months, said the company. Oded Bashan earlier this month had relinquished his post as CEO.

The resignations come in advance of a special shareholders meeting scheduled for next week at which the dissident shareholders group seems certain to take over control of the board. That was expected to have led to the ouster of the Bashans. UPDATE: As expected, OTI shareholders Dec. 30 voted in a new board of directors. END UPDATE.

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