2024-01-02 11:16:35
After 5 years and a 50% drop in the stock: Idan Zoertz, CEO of Rav Barih resigned
Idan Zoertz, the CEO of Rav Barih, has announced his resignation after leading the group for the past 5 years. Zoertz, a 51-year-old industrial and management engineer with a master’s degree in business administration, began his career at Intel before holding several senior management positions over the course of 20 years. Following his time as the global VP of operations for Soda Stream, he took on the role of CEO at Rav Barih in 2019.
The announcement of Zoertz’s resignation came after the company experienced a 50% drop in its stock over the 5-year period. In response to this, the Rav-Barih board of directors has proposed new appointments to the management team, pending approval from the shareholders’ meeting. Giora Bar Dea, the former CEO of Strauss, is set to be appointed chairman of the group, while Shmuel Donnerstein, the controlling owner of the company, will take on the role of CEO.
The group’s third-quarter results showed a loss of NIS 3.1 million, which was compounded by the need to put 20% of employees on unpaid leave due to the ongoing war. These challenges have contributed to the significant decrease in stock value.
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