Schmitt Retires from xG Technology
Monday, April 23, 2018 | Comments

George Schmitt elected to retire from his roles as CEO and executive chairman of xG Technology. The board of directors appointed current xG Technology board member Gary Cuccio as executive chairman and interim CEO.

As part of its leadership succession plan, the board was already in discussions with potential candidates for the permanent CEO role and has initiated a formal search for a new permanent CEO. The search is expected to take no longer than 90 days.

“Having successfully overseen the acquisition of IMT and Vislink, and their integration into xG Technology’s operations, I have decided that it is now appropriate to transition the leadership of the company during its next phase of growth,” said Schmitt. “It has been a privilege to lead the dedicated employees of all our businesses, and I want to thank them all for their hard work in successfully unifying our companies.”

Cuccio said his first order of business is to accelerate the pace of cost cuts and synergies.

“We previously stated in our 2017 full-year financial results announcement that these would total about $3 million to $4 million in 2018, and we are actively identifying opportunities companywide that will allow us to surpass those amounts,” he said.

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