NEWARK, N.J. (Business Wire) IDT Corporation (NYSE: IDT, IDT.C) today
announced that Stephen R. Brown and Marc J. Oppenheimer are swapping portfolios
in IDTs management team. Mr. Brown is returning to his IDT roots as Chief
Financial Officer (CFO) and Treasurer. Mr. Oppenheimer is bringing his
operational discipline and prior experience to serve as IDTs Chief Operating
Officer (COO), and will focus on the companys expanding operations in the
energy sphere. In addition, Bill Pereira, who has served as Senior Vice
President of Corporate since 2006, has been promoted to Executive Vice President
(EVP) of Finance. Liore Alroy, Chief Executive Officer of Net2Phone since 2004,
has been appointed as EVP of IDT Corporation.
"From time to time, we tap Steve Browns talents to guide the development of new
ventures, but at the end of the day, we always seem to want him back as our
CFO," said Howard Jonas, IDTs Chairman and Founder. "On many occasions, I have
praised Steves capabilities as CFO, and once again we want him in that role as
we continue to navigate our way through uncharted waters. Marc Oppenheimer will
bring his strategic expertise to the COO post and we look forward to his guiding
hand on our diverse operationsparticularly our investments in energy."
"We have seen Marcs abilities up close as a board member at both IDT and
Net2Phone, as our lead independent director and most recently as our CFO," said
Jim Courter, IDTs Vice Chairman and Chief Executive Officer. "He can manage
diverse operations and provide the discipline necessary for each of our
divisions management teams to contribute to the overall mission and growth of
IDT. Steve has been a great resource to IDT and its shareholders and we look
forward to having him at our financial helm once again. As we deal with troubled
times at some of our mature businesses and seek to expand other operations, we
believe that having Steve and Marc in these respective roles is the best
combination of talents for creation of longterm value."
About IDT Corporation
IDT Corporation is an innovative and opportunity seeking multinational holding
company with operations that span various industries. Through its Telecom
subsidiary, IDT provides telecommunications services worldwide to the retail and
wholesale markets. IDT Energy operates an Energy Services Company (ESCO) in New
York State. IDTs Capital division incubates newer businesses, and the Companys
Spectrum subsidiary holds its spectrum license assets. IDT Telecom provides
retail and wholesale telecommunications services and products, including
prepaid and rechargeable calling cards, consumer local, long distance, and
wireless phone services, and wholesale carrier services. Under the Net2Phone
brand name, the Company also provides a range of voice over Internet protocol
(VoIP) communications services. IDT Capitals operations include receivables
portfolio management and collection, ethnic food distribution, brochure
distribution, Internet Mobile Group, Net2Phone Ventures and other initiatives.
IDT Corporations Class B Common Stock and Common Stock trade on the New York
Stock Exchange under the ticker symbols IDT and IDT.C, respectively.
In this press release, all statements that are not purely about historical
facts, including, but not limited to, those with the words "believe,"
"anticipate," "expect," "plan," "intend," "estimate," "target" and similar
expressions, are forwardlooking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. While these forwardlooking statements
represent IDTs current judgment of what may happen in the future, actual
results may differ materially from the results expressed or implied by these
statements due to numerous important factors. These risks and uncertainties
include, but are certainly not limited to the specific risks and uncertainties
discussed in our reports filed with the SEC. All forwardlooking statements and
risk factors included in this document are made as of the date hereof, based on
information available to IDT as of the date thereof, and IDT assumes no
obligation to update any forwardlooking statements or risk factors.
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