MISSISSAUGA – Long distance reseller Phonetime, Monday announced board of directors changes designed to enhance the company’s corporate governance, disclosure practices and independent direction.
“In order to create a stronger, independent direction for the board,” says the release, Rodney Franklin, co-founder of Phonetime, announced that he has decided to step aside as chairman but will remain as a director.
"We are pleased to announce that Gary Clifford has agreed to join the board of directors and to assume the role of chairman of the board," said Franklin. "Gary is an experienced public company director who sits on the boards of several other publicly-traded companies and is a former telecommunications and public company executive."
Clifford, who is a chartered accountant, is a partner with Penfold Capital Corporation, a private merchant bank.
Mehmet R. Karamehmet and Mark Franklin have stepped down from Phonetime’s board and will be succeeded by Gary Clifford and Ali Guven Kivilcim, a consultant who heads up the development of Phonetime’s call-trading platform, known as the "Console", which has been instrumental in Phonetime’s growth in recent years.
Phonetime has also restructured its audit committee, which will now consist of Clifford (Chairman) and Vedat Kalkuz, both of whom are chartered accountants, as well as Ian Hochberg. The compensation committee of Phonetime’s board has also been restructured and will now be comprised of Hochberg (chairman), Clifford and Kalkuz.
"Today’s restructuring of our board of directors reinforces our commitment to stronger independent corporate governance practices and controlled future growth. I would like to thank board members for their support and thank Mehmet and Mark for their expertise and guidance through a period of acquisitions and dynamic growth, and I would like to welcome Gary and Guven to the Board. On behalf of the management team, we are all excited with the prospects of working with them as we continue to achieve our goal of becoming one of the world’s leading ‘Carrier’s Carrier’ of international long distance wholesale minutes,” said Franklin in the release.
Franklin has also given notice to the board of his intention to resign as Phonetime’s chief financial officer to become COO of the company. The company will form a search committee to fill the CFO position.
