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Posted by September 22, 2014

Israel Corp CEO May Depart as Firm Reorganizes

Conglomerate Israel Corp said on Monday that as part of it plans for a reorganisation, it is possible that Nir Gilad will step down as chief executive officer.

"No decision has been taken on the matter," the company said in a statement without providing provide further details.

Last year Israel Corp said it was planning to spin off some of its less profitable assets into a new listed company in a bid to boost the value of its core businesses and attract a broader range of investors.

Under the plan, Israel Corp would continue to hold two of its most lucrative and stable companies - speciality chemicals maker Israel Chemicals and Oil Refineries, Israel's biggest refinery.

That would mean divesting itself of a bundle of assets analysts view less positively.


Reporting by Tova Cohen

Israel Corp.IsraelTova Cohen