Alvarion (NASDAQ: ALVR ) is now on the hunt for a new chief executive. Hezi Lapid has resigned as CEO, although he will stay in the position until "such time that a smooth transition is completed," the company said in a press release announcing the move.
The firm did not provide the reasons for his departure.
Alvarion quoted its Chairman, Amnon Yacoby, as saying that, following the resignation, "the Company intends to continue implementing its turnaround plan, which during the past year has been realized through the pending sale of its carrier licensed business to Telrad Networks, the sale of certain patents, and the refocus on being a pure play in high growth vertical and Wi-Fi markets."
Alvarion reached a deal to sell the carrier licensed division to privately held Telrad this past February for a price of $6.1 million, plus potential performance-based milestone payments up to a maximum of $6 million.