MagicJack VocalTec Ltd., whose founders invented the technology to make phone calls over the Internet, fell the most in two months in U.S. trading after Ilan Rosen resigned as chairman.
Shares of Netanya, Israel-based MagicJack slid 7.2 percent to $20.73 as of 2:52 p.m. in New York. They earlier lost as much as 9 percent, the most intraday since Feb. 1.
Rosen resigned as chairman of MagicJack as of April 1, and Gerald Vento, currently a board member, will probably replace him, Chief Executive Officer Dan Borislow said in a telephone interview. Rosen didn’t have any disputes with the company, Borislow added.
“Gerald has a tremendous amount of telecom experience,” Borislow said.