IDT Corporation (NYSE: IDT, IDT.C) announced today that Liore Alroy has been
named CEO of IDT Telecom as part of broader restructuring program designed to
cut costs and achieve profitability.
Prior to todays appointment, Mr. Alroy served as an Executive Vice President
and as Chairman of the Executive Committee of the Company. Since 2004, he has
been the Chief Executive Officer of Net2Phone Inc., an affiliate of the Company
that was fully acquired in 2006. Mr. Alroy joined IDT in 2001.
"I am delighted that Liore will be taking the helm of our telecom business. He
has been a leader in the VOIP industry, and is ideally suited to identify and
execute on opportunities created by emerging technologies," said Jim Courter,
"I look forward to taking on the new challenges at Telecom," said Mr. Alroy. "I
will be working energetically to maximize shareholder value by leveraging our
considerable telecommunications expertise and assets."
Mr. Alroy will replace Motti Lichtenstein, who also served as IDTs Executive
Vice President for Telecom. Mr. Lichtenstein is leaving to pursue other business
As part of its restructuring and cost reduction program, the Company also
announced that Marc J. Oppenheimer will step down as Chief Operating Officer of
IDT. Mr. Oppenheimer will be working with the company to ensure a smooth
transition of his duties to other members of the IDT management team.
"I want to thank Motti and Marc for the important contributions they have
rendered to IDT," said Jim Courter. "Motti has been with us for many years and
was instrumental in building IDT Telecom, as well as making many meaningful
contributions to IDT as a whole. Marc has been with IDT as a director of
Net2Phone and then IDT Corporation, as our lead independent director and most
recently as a member of management. He has brought important changes to IDT and
helped set us back on the path to profitability. Im grateful for the valuable
contributions both men have made to the company, and wish them all the best in
their future endeavors."
About IDT Corporation
IDT Corporation is an innovative and opportunity seeking multinational holding
company with operations that span several 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. IDT subsidiary American Shale Oil Corporation (AMSO) manages IDTs
oil shale ventures. 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, 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. 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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