Internet of Things Inc. (CVE:ITT ) (OTCMKTS:INOTF) said Thursday that the new CEO, Ron Shuttleworth, a 25-year veteran of the technology industry, has been elected to the board by shareholders.
The Toronto-based investor in companies focused on the internet of things, artificial intelligence and blockchain said in a press release that shareholders at Tuesday’s annual meeting also elected to the board Libin Zhao, former Senator Jerry Grafstein, Gali Bar-Ziv and Millard Roth.
Shuttleworth is experienced as an operator, investor, analyst and investment banker specializing in mergers and financings, according to Internet of Things. He succeeded Michael Frank, who had been with the company since inception and stepped down to pursue other business opportunities. Shuttleworth has held positions including CEO, chief technology officer and product manager.
The company added that Zhao, a new board member, has more than 30 years of experience in operations, business development and mergers. He is credited as a turnaround expert, having helped companies refinance debt.
“We are very pleased to welcome Ron and Libin as new members to the board,” said Grafstein, citing Zhao’s work with partner New Hope IoT International Inc. “They both have extensive experience and knowledge in technology, operations and finance, and will be very strategic additions.”
Grafstein served in Canada's Senate from 1984 to 2010.
Shares of Internet of Things traded at C$0.03 in Thursday’s midday Canadian trading.They were little changed at US$0.02 on the OTC Markets.
Last month, the company said its Weather Telematics subsidiary's weather prediction technology for automobiles will be deployed in demonstration vehicles.
--This story has been updated to give the latest share prices and a video interview with the CEO--
Contact Dennis Fitzgerald at [email protected]