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IDT Corporation Announces Management Changes

NEWARK, N.J.--(BUSINESS WIRE)--IDT Corporation (NYSE:IDT), a global provider of telecommunications and payment services, today announced that Howard Jonas, the Company’s founder, Chairman and CEO, will step down as Chief Executive Officer upon the expiration of his current employment agreement on December 31, 2013. IDT’s Board of Directors has named IDT’s Chief Operating Officer, Samuel ‘Shmuel’ Jonas, to be CEO. Howard Jonas will continue to remain actively involved in the Company in his capacity as Chairman.