IDT Corp. (NYSE: IDT) said that CEO and founder Howard Jonas will step down as chief executive officer upon the expiration of his current employment agreement on December 31, 2013.
IDT´s board of directors has named IDT´s chief operating officer, Samuel Jonas, to be CEO. Jonas will continue to remain actively involved in the company in his capacity as chairman.
Howard Jonas, who was IDT´s first CEO after founding the company in 1990, has most recently served in that capacity since October 2008. During this tenure, Jonas led the effort that returned IDT´s core telecom business to profitability. IDT has been steadily profitable in recent years and pays a regular quarterly dividend.
IDT provides retail telecommunications and payment services to help immigrants and the under-banked to conveniently and inexpensively communicate and share resources around the world. For more information, visit www.idt.net.