Ceragon Networks Appoints new CFO as shares continue to tumble

Ceragon Networks Ltd. , one of the premier wireless backhaul specialists, has announced the appointment of Aviram Steinhart as Executive Vice President and Chief Financial Officer, replacing Tsipi Kagan, who is leaving the company to pursue other interests. He joined Ceragon on December 1, 2011, and Ms. Kagan will remain through the end of 2011 to assist with the transition.

Mr. Steinhart is said to be a technology industry veteran, bringing both financial management and executive leadership experience to his new position. He will join Ceragon from Lumenis Ltd., where he has been Senior Vice President and Chief Financial Officer since 2007. Mr. Steinhart also previously served as Corporate Vice President, Finance at Alvarion Ltd, as well as in a variety of senior financial positions at Siemens/UGS PLM Solutions, Tecnomatix, and NetReality Communications.

"We are very pleased to welcome Aviram Steinhart to our leadership team, and we are excited to have someone with his extensive background. His industry experience and track record in financial management will be a real asset to the company as we execute on our long-term growth strategies," said Ira Palti, President and CEO of Ceragon. "We also offer our thanks to Tsipi Kagan for her important contribution during the past year, particularly with regard to handling the complexities of a significant acquisition, and we wish her continued success in her future endeavors."

"I'm delighted to join Ceragon at such an exciting time with the opportunity to contribute based on very relevant background and experience," said Steinhart. "Ceragon is extremely well-positioned to extend its leadership as the premier wireless backhaul specialist, and I look forward to working with the rest of the team to achieve its ambitious business goals."

Steinhart's appointment comes as the Israeli company is fighting hard to stem the tide of stock depreciation.

Shares of Ceragon Networks traded at a new 52-week low last tuesday of $7.88. This new low was reached on above average trading volume as 319,000 shares traded hands, while the average 30-day volume is approximately 193,000 shares.

The company, which develops, manufactures, and sells wireless networking systems that enable global communications service providers to immediately deploy high-capacity broadband infrastructures in metropolitan areas, has customers that include new and existing competitive local exchange carriers and Internet service providers.

Ceragon has potential upside of 47.1% based on a current price of $7.93 and analysts' consensus price target of $11.67. Ceragon Networks shares should first meet resistance at the 50-day moving average (MA) of $9.78 and find additional resistance at the 200-day MA of $11.11.

In the past 52 weeks, shares of Ceragon Networks have traded between the current low of $7.88 and a high of $14.34 and are now at $7.93. Over the last five market days, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has declined 1%. Reason for this trend is yet to be made public.