Gilat Names Adi Sfadia as Gilat's CEO

Rhea-AI Summary

Gilat Satellite Networks Ltd. has officially appointed Adi Sfadia as CEO, transitioning from his interim CEO role since July 2, 2020. Dov Baharav, Chairman of the Board, expressed confidence in Sfadia's leadership abilities and expertise in the satellite industry, anticipating positive contributions to stakeholders. Sfadia emphasized his commitment to steering Gilat towards growth and profitability by leveraging his management team. Gilat is recognized for its satellite-based broadband communications, offering innovative solutions across various sectors.

Positive

• Adi Sfadia officially appointed as CEO after serving as interim CEO since July 2, 2020.
• Chairman expressed confidence in Sfadia's leadership and experience in the satellite industry.
• Commitment from new CEO to drive accelerated growth and profitability.

Negative

• None.

PETAH TIKVA, Israel, Nov. 23, 2020 (GLOBE NEWSWIRE) -- Gilat Satellite Networks Ltd. (NASDAQ, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, names Adi Sfadia as Gilat's CEO. Adi Sfadia served as Gilat's interim CEO since July 2^nd this year and prior to that held the position of Gilat's CFO, for the past 5 years.

Dov Baharav, Gilat's Chairman of the Board commented, "I am pleased to report that Adi Sfadia, who assumed the interim CEO position on July 2nd, 2020, has now been appointed as Gilat's CEO. Adi brings with him a deep understanding and a wealth of experience in the satellite industry, which I believe will bring value to the customers, shareholders and Gilat's employees. On behalf of the entire Board of Directors, we would like to wish Gilat success under Adi's capable leadership."

"I am honored to have been appointed as Gilat's CEO and would like to thank Gilat's Chairman of the Board and all of the board members for their trust and support," said Adi Sfadia, Gilat's CEO. "I am fully committed to Gilat and am confident that with my dedicated management team and talented employees, we will navigate Gilat to accelerated growth and profitability."

About Gilat
Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a leading global provider of satellite-based broadband communications. With 30 years of experience, we design and manufacture cutting-edge ground segment equipment, and provide comprehensive solutions and end-to-end services, powered by our innovative technology. Delivering high value competitive solutions, our portfolio comprises of a cloud based VSAT network platform, high-speed modems, high performance on-the-move antennas and high efficiency, high power Solid-State Amplifiers (SSPA) and Block Upconverters (BUC).

Gilat’s comprehensive solutions support multiple applications with a full portfolio of products to address key applications including broadband access, cellular backhaul, enterprise, in-flight connectivity, maritime, trains, defense and public safety, all while meeting the most stringent service level requirements. Gilat controlling shareholders are the FIMI Private Equity Funds. For more information, please visit: www.gilat.com

Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words “estimate”, “project”, “intend”, “expect”, “believe” and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. Many factors could cause the actual results, performance or achievements of Gilat to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, risks associated with the outbreak and global spread of the coronavirus (COVID-19) pandemic; changes in general economic and business conditions, inability to maintain market acceptance to Gilat’s products, inability to timely develop and introduce new technologies, products and applications, rapid changes in the market for Gilat’s products, loss of market share and pressure on prices resulting from competition, introduction of competing products by other companies, inability to manage growth and expansion, loss of key OEM partners, inability to attract and retain qualified personnel, inability to protect the Company’s proprietary technology and risks associated with Gilat’s international operations and its location in Israel. For additional information regarding these and other risks and uncertainties associated with Gilat’s business, reference is made to Gilat’s reports filed from time to time with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements for any reason.

Contact:
Gilat Satellite Networks
Doreet Oren, Director Corporate Communications
DoreetO@gilat.com

GK Investor and Public Relations
Ehud Helft, Managing Partner
ehud@gkir.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/95ff4914-008b-45b9-93e4-adc91f1a6695

FAQ

Who is the new CEO of Gilat Satellite Networks?

Adi Sfadia has been appointed as the new CEO of Gilat Satellite Networks.

When did Adi Sfadia become the interim CEO of Gilat?

Adi Sfadia became the interim CEO of Gilat on July 2, 2020.

What experience does Adi Sfadia bring to Gilat?

Adi Sfadia has extensive experience in the satellite industry, previously serving as Gilat's CFO for five years.

What are Gilat's main business offerings?

Gilat provides satellite-based broadband communications solutions, including VSAT networks and related technology.

What is the stock symbol for Gilat Satellite Networks?

Gilat Satellite Networks is listed under the stock symbol GILT.