Agis -
[Cached Version]
Published on: 6/19/2003
Last Visited: 11/8/2005
In connection with reports published today in the media regarding departure of Gil Bianco from the position of the CEO of the Company, the Company wishes to clarify the following:
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Following the enactment of the New Companies Law and the separation required between the functions of the CEO and the functions of the Chairman of the Board of Directors, Mr. Moshe Arkin resigned two and one half years ago from his position as CEO of the Company and was appointed as President and active Chairman of the Board of Directors of the Company, and Gil Bianco was appointed as CEO.
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In the context of Mr Moshe Arkin's desire to increase his involvement in the executive aspects of the Company, and in order to avoid a state of affairs that is not in line with the provisions of the Companies Law concerning the separation of the authority of the Chairman of the Board of Directors from that of the CEO of the Company, the Board of Directors of the Company has decided on organizational changes that shall be implemented in the coming months, pursuant to which Mr. Moshe Arkin will be appointed as the CEO of the Company, Mr. Rafael Lebel will be appointed as Deputy CEO of the Company, and Mr. Gil Bianco will be appointed as special consultant to the Company and its subsidiaries.
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The date that has been set for the conclusion of Gil Bianco's appointment as CEO of the Company and for the appointment of Mr. Moshe Arkin is September 30, 2003.