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MagicJack VocalTec CEO to exit; company offers seat in proxy fight

Dec. 30, 2016 6:50 PM ETmagicJack VocalTec Communications Ltd. (CALL) StockBy: Jason Aycock, SA News Editor
  • MagicJack VocalTec (NASDAQ:CALL +0.7%) has set a CEO transition plan up as it files a preliminary proxy for its annual meeting.
  • President and CEO Gerald Vento plans to transition out, and the board has begun a search for his replacement. Vento will stay on through June 30 if necessary to provide for a smooth transition.
  • After "carefully considering" views from Kanen Wealth Management, which has nominated seven directors, the company is calling ror an expansion of the board to include Kanen nominee Alan Howe and independent candidate Don C. Bell III (recommended by a large shareholder).
  • The major point of contention with Kanen, the company says, is Kanen's insistence on a major stock buyback.
  • The annual meeting is set for 10 a.m. Israel time on Feb. 28.

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magicJack VocalTec Communications Ltd.