NFC Times Exclusive Insight – Israel-based contactless reader and NFC company On Track Innovations Tuesday announced the resignation of CEO Ofer Tziperman after less than two years on the job, with observers chalking up the exit to insufficient progress Tziperman has made in turning around the company’s finances and its low share price since a board takeover by dissident shareholders in late 2012.
Tziperman had tendered his resignation a week earlier to the board, on Feb. 10, one day after U.S.-based venture capitalist and turnaround artist Dilip Singh had replaced Dimitrios Angelis as chairman of the OTI board. Singh, who helped lead the takeover of the board in late 2012 and who might be named as the next CEO of OTI himself, like other leaders of the takeover, has bought thousands of shares with the expectation that the share price would increase substantially.
Tziperman, who was an unexpected choice when he was named CEO of the struggling vendor in March of 2013, will continue to serve as CEO until the board hires a replacement and completes that transition, or until no later than August 10, according to an official statement by the company Tuesday. Along with his position as CEO, Tziperman also resigned from his roles as executive officer and board member at OTI’s subsidiaries.
