oti Initiates Search for New CFO

On Track Innovations Ltd. (oti)

, a global provider of near field communication (NFC) and cashless payment solutions, has initiated a search for a new CFO to succeed Shay Tomer, who is planning to leave the company after nine years to pursue other interests. Tomer will continue to serve as CFO until the earlier of July 4, 2016 or until his successor is hired. "We would like to thank Shay for his dedication and valuable contributions to oti over the last nine years, as well as for assisting in a smooth transition," said oti's CEO, Shlomi Cohen. "Since I joined the company last year, Shay has been instrumental in effectively reducing expenses and optimizing our cost structure. This has resulted in a leaner, more efficient organization, and has set the stage for executing our new growth plan in 2016." Tomer commented: "I want to express my continued support of oti and its outlook for growth and expansion in global NFC and cashless payments markets. I remain fully committed to oti as we pursue the transition to a new CFO."