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News | 07/28/2005 4:00 am EDT

Rajiv Pancholy has stepped down as president and CEO of Mitec Telecom Inc. He joined the Montreal-based company in October 2002 and led a major restructuring of the firm that included the sale of Swedish operations. Despite the Pancholy-led reorganization, the company continued to suffer heavy financial losses. Long-time CFO Keith Findlay will take over as CEO on an interim basis. The company also announced that Stefano Bazzacchi has been appointed acting CFO. He joined Mitec in April 2005 as director of financial services.

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