IDT Corporation CEO Jim Courter To Step Down In October 2009

IDT Corporation announced that current CEO Jim Courter will begin what will be his last year in that position, retiring at what will be age 68 (Born October 14th 1941). The long time CEO and former NJ Congressman (1979-91) will be replaced by majority owner and founder Howard Jonas. The previously announced company stock instead of cash payments will continue to be Howard Jonas's form of payment for at least 3 of his 5 year contract and Jim Courter will begin receiving company stocks instead of cash salary beginning in January of 09 all the way through his retirement in October.

Jonas had previously served as the companies CEO from 1991 until 2001 when he agreed to vacate that position in favor of Jim Courter, who had been serving as president of the company for the previous 5 years (1996-2001).

While there is no word on the conditions surrounding this change, there is no doubt that Jonas returning to the helm will signal a change in direction for the company. We will just have to wait and see if that change in direction is a positive or negative one!