Elsight (ASX:ELS) - Outgoing CEO, Nir Gabay (right)
Outgoing CEO, Nir Gabay (right)
Source: Financial Review
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  • The Founding CEO of Elsight (ELS) has announced his resignation after ten years at the company
  • Nir Gabay has revealed he will be stepping down from the role and retiring due to personal reasons
  • He’ll finish up with Elsight at the end of the month, while current COO Yoav Amitai will take over the CEO role
  • Yoav has been with the software & hardware company for almost four years and has been mentored by Nir in the past
  • The company thanked the outgoing CEO for his service, while also welcoming his replacement
  • Shares in Elsight have dropped 2.78 per cent, worth 52.5 cents each

Software & hardware company Elsight (ELS) has announced its Founding CEO is stepping down from the company after a ten-year run.

Nir Gabay tendered his resignation from Elisight today, announcing he will be retiring from the business due to personal reasons.

His departure coincides with the conclusion of the development and certification phase of the company’s flagship Halo product, with the focus now turning to the product’s manufacturing and rollout.

Elsight said the founding CEO’s resignation will officially come into effect at the end of the month, at which point current COO Yoav Amitai will take over the head role.

“Everyone associated with Elsight is extremely grateful to Nir for his vision, creativity and energy and what he has achieved over many years of dedicated service to ensuring that Elsight becomes a leader in its field,” Chairman Ami Shafran said.

“Importantly, as we reach the critical acceleration of our commercial
rollout and the next phase of our development, we would like to look back as well as forward. Looking back, we thank Nir for all of his dedication and vision; looking forward we face the commercial challenges,” Ami added.

In today’s announcement to shareholders, Elishgt said Nir’s replacement Yoav is prepared for the newly vacated leadership role — receiving mentorship from the outgoing CEO during his almost four years with the company.

During that time, the technology business said he’s gained exposure to all facets of the company’s operations and commercial activities.

“We are confident that the appointment of Yoav as CEO will provide the needed continuity and stability while, at the same time, best addressing the critical move from an R&D centric to a manufacturing and sales-oriented company,” Ami said.

In addition to Yoav being appointed CEO, Elsight has also named David Furstenberg as the company’s newest Executive Director.

Following the changes to its leadership team, shares in Elsight have dropped a slight 2.78 per cent to trade for 52.5 cents per share at the close of market today.

ELS by the numbers
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