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Posted by October 13, 2014

Israel Corp CFO Steps up to CEO Suite

Avisar Paz, the chief financial officer of Israel Corp, will take over as the conglomerate's chief executive once its reorganisation is complete, the company said on Monday.

Israel Corp is 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.

Last month, CEO Nir Gilad said he would step down after eight years in the post following the restructuring, for which a timetable has not been made public.

Israel Corp, one of Israel's largest holding companies, said Natan Yelovsky, a board member of subsidiary IC Power, would become acting CFO.

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

That would mean divesting a bundle of assets analysts view less positively, including IC Power, chipmaker TowerJazz , shipping line Zim, and Qoros, a joint venture between Israel Corp and China's Chery Automobile.

Israel Corp last month sold a 6.2 percent stake of ICL as part of ICL's initial public offering on the New York Stock Exchange. It still holds 46.7 percent.

Reporting by Steven Scheer

Israel Corp.IsraelNew York Stock Exchange