Fitel CEO Resigns

CLINTON, N.J., May 3 -- Fitel Technologies Inc., a supplier of components and amplification products for the optical communications market, announced that John Pilitsis resigned as CEO, effective April 30, 2001. Pilitsis cited personal reasons for the decision. Kunihiro Matsubara, director of Fitel Products Div. for Furukawa Electric Co. Ltd., will step in as interim CEO during the search for a replacement.
Pilitsis, who has been CEO of the company since November 1999, was instrumental in the formation of the company, and helped it achieve a 300 percent combined annual growth rate during the 2000 business year.