On Track Innovations Chairman Oded Basham, President and Chief Medical Offer Ohad Basham Resign
On Track Innovations Ltd. ("OTI") (Nasdaq: OTIV), a global leader in contactless microprocessor-based smart card solutions for homeland security, payments, eID Systems and other applications, announced today that its Chairman and President & CMO, Oded Bashan and Ohad Bashan, respectively, submitted on December 23, 2012 letters of resignation, resigning from their respective positions with OTI and its subsidiaries, effective June 23, 2013, which is the last date of the advance notice period according to their employment contracts. Mr. Oded Bashan will retain his role as a director on OTI's board.
The Company expects to fill the vacancies left by the resignations of Messrs. Oded Bashan and Ohad Bashan by or before June 23, 2013, including the position of Chief Executive Officer, which became vacant on December 12, 2012 as reported earlier this month.
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