The chief executive of Israeli VSAT specialist Gilat Satellite Networks, Erez Antebi, has decided to step down from his position after three years at the helm and more than 20 at the company.
Antebi’s departure comes just two months after Gilat…
The chief executive of Israeli VSAT specialist Gilat Satellite Networks, Erez Antebi, has decided to step down from his position after three years at the helm and more than 20 at the company.
Antebi’s departure comes just two months after Gilat appointed Yuval Ronen to replace 15-year veteran Yaniv Reinhold as its chief financial officer.
Antebi will be replaced on an interim basis by Gilat’s chairman Dov Baharav until a new CEO is appointed. The former chairman of Israel Aerospace Industries, Baharav joined Gilat in May 2014.
The transition between Baharav and Antebi will take place during the second quarter of 2015, while Ronen is due to take over as CFO on 12 April.
Antebi originally joined Gilat back in 1991 as a product manager and has since held various executive positions, including VP Business Development and COO. Between 2005 and 2010, Antebi was CEO of Gilat’s equipment business unit (Gilat Network Systems), and from April 2010 to the end of 2011 he was the company’s executive adviser for Ka-band solutions.
Commenting on his departure, Antebi said, “After many years in the company and 3 years as CEO, I’m happy to see its success and strong momentum going forward. I am proud of having led the company back to a profitable path and turning Gilat into a true global leader in its space. Though I have decided to look for my next opportunities, I will always remain committed to Gilat’s success”.
Antebi’s strategy to substantially increase Gilat’s profits was borne out in its full year 2014 results. While revenues were flat US$235.1m compared to US$234.9m in 2013, EBITDA up 43% year-on-year to US$23.4m while non-GAAP operating income increased by 200%.
The company expects both revenues and EBITDA to rise further in 2015, with the latter up by around 20%.
To achieve this Gilat is focusing on broadband growth through HTS with low cost bandwidth and tapping increasing mobility needs in both the commercial and defence markets with satellite on-the-move systems.
It also sees significant opportunities in government funded rural telecom infrastructure projects.
