IDT Corporation 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.

Howard Jonas' successor as CEO of IDT, Shmuel Jonas, has served as IDT's COO since June 2010. Shmuel Jonas joined the company in June 2008 and has served as the company's Vice President of Operations where he helped to plan and implement the company's turn-around.