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Alvarion President and CEO Lapid resigns

NEW YORK (AP) -- Wireless products and services provider Alvarion said Friday that its president and CEO, Hezi Lapid, has resigned.

The Israeli company said that Lapid will stay with the business until the transition process is complete.

Alvarion Ltd. Chairman Amnon Yacoby said in a statement that the company plans to continue with its turnaround plan, which over the last year has included the pending sale of its carrier licensed business to Telrad Networks, the sale of some patents and refocusing its efforts on the high growth vertical and Wi-Fi markets.

Alvarion Ltd. shares finished at $3.92 per share on Thursday. They have traded in a 52-week range of $3.10 to $8.70.