NEWARK, N.J.— June 25, 2001 —IDT Corporation (NYSE: IDT; IDT.B) today provided an update on its corporate restructuring program. Upon completion of the restructuring, which was originally announced in October 2000, IDT Corporation will be a holding company, with two principal subsidiaries: IDT Telecom and IDT Ventures. IDT’s restructuring team is currently in the process of obtaining regulatory and third-party approvals, and the Company continues to anticipate that its corporate restructuring will be completed by July 31, 2001, coinciding with the end of IDT’s Fiscal Year 2001.
As the effective date for the restructuring nears, IDT has completed the appointment of management teams for the various post-restructuring divisions of IDT:
Howard Jonas, currently IDT’s Chairman and CEO, will be Chairman of IDT Corporation, IDT Telecom and IDT Ventures and Investments. Jim Courter, currently Vice Chairman and President of IDT Corp., will be Vice Chairman and CEO of IDT Corporation. Ira Greenstein, currently Counsel to the Chairman at IDT Corporation, will be President of IDT Corporation. Hal Brecher, formerly the Chief Operating Officer (COO) of IDT Corporation and a member of the Company’s Board of Directors, has left the Company to pursue other interests. Michael Fischberger, who has been serving as IDT Corporation’s COO since Mr. Brecher’s departure, will continue in that role after the restructuring is completed. Stephen Brown, currently Chief Financial Officer (CFO) of IDT Corporation, will remain in that position after the restructuring. Moshe Kaganoff will remain Executive Vice President of Strategic Planning for IDT Corporation, and will also be active in strategic planning for IDT Telecom and IDT Ventures.
Motti Lichtenstein, currently the Executive Vice President of Business Development for IDT Corporation, will be the CEO of IDT Telecom. Geoff Rochwarger, currently the Executive Vice President of Telecom for IDT Corporation, will serve in the role of COO of IDT Telecom. Josh Winkler will become President of Retail Services. Jonathan Levy, currently Executive Vice President of Business Development at IDT Corporation, will be President of Wholesale Carrier Services. Norman Rosenberg, formerly Senior Vice President of IDT Capital Markets, will serve as IDT Telecom’s Chief Financial Officer.
Charles Garner, currently the Executive Vice President of New Ventures for IDT Corporation, will serve as the CEO of IDT Ventures, with Marc Knoller, currently Senior Vice President of IDT Corporation, serving as COO.
IDT is a leading facilities- based, multinational carrier that combines its position as an international telecommunications operator with its experience as an Internet service provider to provide a broad range of telecommunications services to its wholesale and retail customers worldwide. Through its own national telecommunications backbone and fiber optic network infrastructure, IDT provides its customers with integrated and competitively priced international and domestic long distance telephony, prepaid calling cards, Internet access and digital subscriber line (DSL) service.