Chairman of the Board Shufersal , Yaki and Damani, Announced tonight to the company’s board of directors its decision to terminate its position in the company, after most of the board members decided not to recommend him for another term before the general meeting of the company’s shareholders. In a letter sent to the members of the board of directors, Wadmani thanked the employees of Shufersal and the directors who supported him in the moves he led in the company.
“Following the decision of the composition committee on behalf of the Shufersal Board of Directors not to recommend me to the next general meeting as a candidate for the board, and the adoption of the decision by most members of the board, I found it appropriate to inform you that I have decided to terminate my position as chairman of the Shufersal Group.” “Before everyone else, it is important for me to personally thank the dedicated Shufersal employees, who had the privilege of knowing and working with them,” he added.
He added, “I would like to thank you for supporting the moves we have jointly led to date, designed to lay a better foundation for the company’s growth for the benefit of its employees, customers, suppliers and shareholders.”
Shufersal is run without a controlling shareholder and is mainly held by institutional entities in the capital market, some of which have recently criticized moves led by Damani, including the departure of CEO Itzik Aberkhan and the intention to raise a merger proposal submitted to Shufersal by Delek Israel.
The composition of the Board of Directors, appointed by Shufersal’s Board of Directors, which includes all four of Shufersal’s deputies, Michal Kamir, Iris Shapira Yalon, Eldad Avraham and Gideon Schur, has decided to recommend to the Company’s Board of Directors , Yoav Shloshe and Ren Gottfried.
The committee unanimously decided not to recommend the company’s chairman, Yaki and Damani, to continue as director of Shufersal.
Shufersal’s board of directors approved by a majority of votes (two directors, including the chairman and Damani, abstained, the rest voted in favor) of the committee’s decision.
In place of Wadmani, Shufersal’s Board of Directors decided to appoint Ran Gottfried as Chairman of the Company’s Temporary Board of Directors. And for further achievements.
The general meeting of Shufersal shareholders is scheduled to convene next month. According to the company, in addition to the three directors who will be nominated by it, “it is possible that after the completion of the talks with institutional investors, the summons will also include recommendations for other candidates who are not current directors.”
And Damani has been criticized by key investors in Shufersal
And Damani, who was appointed chairman of Shufersal in October 2020, has been embroiled in a conflict in recent months with the company’s veteran CEO, Itzik Aberkhan. Following the conflict, Aberhahn resigned from his post in January this year, leaving the company without a permanent CEO.
A committee set up by Shufersal’s board of directors finally selected Ofer Bloch, the CEO of the Electric Company, as Aberkhan’s successor. However, in the capital market, the appointment drew much criticism, given Bloch’s lack of experience in the Israeli retail sector.
At the same time, Wadmani recently received sharp criticism from key investors in Shufersal, following his attempt to promote strategic moves in the company without the involvement of a permanent CEO. Option to purchase the balance of the shares.
Mini Line is the official importer of household appliances from AEG, Samsung, and Electrolux, and it also markets the air conditioning systems of the Japanese brand Fujitsu. Yes, the group operates the chain of electrical stores – ALM.
In the capital market, it was difficult to understand the board’s decision to strategically enter the field of electrical products, at a time when the company does not have a permanent CEO. The options facing the company.
Amot is also interested in investing in Shufersal
Meanwhile, tonight Shufersal reports a new interest in investing in its assets. According to her, she received a letter today from the income-producing real estate company Amot Investments Entitled “Expressing interest in entering an investment in Shufersal and requesting information.”
In the letter notes I will die Its desire is to examine various investment alternatives in Shufersal’s group of real estate companies, while stating that it intends to establish long-term cooperation between the two companies and its experience in executing transactions in a short timeframe and with investments of over NIS 1.5 billion. Information about the relevant real estate that exists in the Shufersal Group in order to prepare a suitable offer for investment in the company.
Amot’s offer comes after yesterday the Brosh and JTLV funds submitted an offer to purchase 15% of Shufersal Real Estate for NIS 540 million in an allotment of new shares. The offer reflects Shufersal Real Estate’s value of NIS 3.06 billion before cash, with its equity standing at about NIS 2.7 billion.
Earlier, Delek Israel shareholders submitted a proposal to merge Delek Israel into Shufersal, in exchange for an allotment of about 10% of Shufersal shares. Delek Israel’s shareholders also offered to inject NIS 100 million into Shufersal for an additional 1% in the company, as well as an option to increase their holdings in it to a level of up to 19.99% of the shares.
This proposal was strongly opposed by a group The Phoenix Which holds 9% of Shufersal’s shares.