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Satellite Communications Technology

Yona Ovadia steps down as Gilat's CEO, Adi Sfadia named as interim CEO of Gilat

(2 July 2020 - Gilat) Gilat Satellite Networks has announced that Yona Ovadia will step down as Gilat's CEO effective immediately.

Adi Sfadia, Gilat's CFO and Chief Integration Officer will assume the position of interim CEO. Mr. Ovadia will remain as a consultant of the Company and continue assisting in the integration with Comtech.

Dov Baharav, Chairman of the Board of Directors stated, "On behalf of the entire Board of Directors, we are highly appreciative of Mr. Ovadia's contribution in leading Gilat over the past four years, during which time he achieved remarkable results and turned the company into a significant profitable player in the satellite communications market, particularly in the Mobility and Cellular Backhaul segments and most recently in the Non GEO Stationary Orbit (NGSO) market."

Yona Ovadia said, "I would like to thank Gilat's employees and management team for the tremendous efforts and achievements that have brought us to this point. I have great faith in Gilat and its innovative technology, and more so in the incredible talent, professionalism, and dedication of Gilat’s and Wavestream’s employees worldwide, which I trust will continue to propel Gilat to even further success. I would also like to use this opportunity to thank Gilat's chairman of the board, as well as all the board members for their trust and support over the last four years and to wish Gilat under the new capable leadership of Adi Sfadia great success."

About Gilat

Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a leading global provider of satellite-based broadband communications. With 30 years of experience, we design and manufacture cutting-edge ground segment equipment, and provide comprehensive solutions and end-to-end services, powered by our innovative technology. Delivering high value competitive solutions, our portfolio comprises of a cloud based VSAT network platform, high-speed modems, high performance on-the-move antennas and high efficiency, high power Solid State Amplifiers (SSPA) and Block Upconverters (BUC).

Gilat’s comprehensive solutions support multiple applications with a full portfolio of products to address key applications including broadband access, cellular backhaul, enterprise, in-flight connectivity, maritime, trains, defense and public safety, all while meeting the most stringent service level requirements. Gilat controlling shareholders are the FIMI Private Equity Funds.