Board Change
October 12 2009 - 5:32AM
UK Regulatory
TIDMVSC
FOR IMMEDIATE RELEASE
Date: Monday, 12 October, 2009
Visonic
Board Change
Visonic (LSE: VSC.L; TASE: VSC.TA) ("Visonic" or the "Group"), the
international developer and manufacturer of electronic security systems
(alarms) and home management systems, announces that Avi Shachrai (64),
President and CEO of Visonic, intends to step down from his role as President
and CEO and retire from the Board with effect from 31 December 2009. He is
expected to continue to work for the company as an advisor for at least the
next year.
Avi Barir (55), who will join Visonic on October 25, will become President and
CEO of Visonic on 1 January 2010 and although he will not initially take a seat
on the board a further announcement will be made at that time.
Avi Barir brings with him over 30 years of experience working in a variety of
marketing and management roles for international organisations that operate in
the technology sector. Most recently he headed the flagship multinational
division of NASDAQ quoted Aladdin Knowledge Systems, which became the global
leader in its field of software security and software digital rights, with a
market share of 45%.
Yaacov Kotlicki, Chairman of Visonic, said:
"I would like to thank Avi Shachrai on behalf of everyone at the company for
the considerable part he has played in the success we have achieved at Visonic
over recent years. I would especially like to mention the successful flotation
of the company, the tremendous increase in sales and the improvement in cash
flow achieved during his tenure. We are delighted he will continue to
contribute to the business through an advisory role in future as his experience
and expertise in this industry is highly valued".
"I would also like to extend a warm welcome to Avi Barir and we all very much
look forward to working with him."
-END-
For further information please contact:
Visonic Limited
Dr. Avigdor Shachrai (President & Tel: + 972 3 645 6797
CEO)
Yair Naaman (CFO) www.visonic.com
Adi Enav (Investor Relations) Address: P.O.B. 13132, Tel-Aviv 69710,
Israel
HudsonSandler
Alistair Mackinnon-Musson/ Nathan Tel: + 44 (0)20 7796 4133
Field
visonic@hspr.com
Arbuthnot Securities
Neil Kirton / Edward Gay + 44 (0)20 7012 2000
END
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