Benny Hanigal is named LanOptics chairman.
LanOptics Ltd. (Nasdaq: LNOP; TASE:LNOP) has taken another step towards the consolidation of subsidiary EZchip Technologies Ltd.. LanOptics will appoint Sequoia Capital managing partner Benny Hanigal as its chairman, replacing Eli Fruchter, according to the notice to shareholders stating the agenda for the upcoming general shareholders meeting on December 27. Hanigal already serves as chairman of EZchip, while Fruchter is its president and CEO. Hanigal will be paid $3,000 a month in his new job.
LanOptics owns 78.5% of EZchip (68.9% fully diluted). If current shareholders convert all their shares to those of EZchip, LanOptics will increase its holding to 99.1%, with employees owning the rest. LanOptics has stated that it wants to reach 100% ownership of EZchip, and has also put a motion on the shareholders meeting agenda a request to change the employee stock options allocations.
LanOptics rose 0.7% in after-hours trading on Nasdaq.
Published by Globes [online], Israel business news - www.globes-online.com - on December 5, 2007
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