The upheaval in housing and construction: a surprising wave of departures of senior members of the group

by time news

Nati Saidoff, Alon Raveh (Flash photo 90 / Hadas Porush, Rami Zranger, pexels)

What is happening in housing and construction? Only 4 months after the Raveh questionnaire was appointed CEO of Shikun VeBinui Energi, he resigns. Shikun VeBinui does not provide details about the circumstances of his departure, but officials involved said that the resignation was closely linked to the fact that the Shikun VeBinui Energy issue did not materialize. Meanwhile, the CEO of Solel Boneh and one of the strongest people in the group, Ehud Danoch, announced a surprising retirement.

Until his appointment, Raveh served as CEO of Shikun VeBinui Energy as the Group’s CFO (appointed in 2020) and has extensive knowledge of handling the Group’s franchisees (it has extensive franchise activity) some of whom were supposed to lead renewable energy activities outside Israel. The position of CEO of Shikun VeBinui Energy was tailor-made for Rave.

Housing and Construction Energy was one of the candidates to merge with Paz and actually become a monster of energy and convenience stores. A merger of Shikun VeBinui Energy (at least according to Shikun VeBinui’s plans) was to turn the merged company into a company with two arms: the future arm in the field of renewable energy and the present (and past) arm in fossil energy and of course convenience stores (yellow).

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In Paz, they actually thought differently and preferred to become a retail company (convenience stores) and expand their activities by acquiring “Super Yehuda” and merging with Freshmarket, which actually takes Paz to a different place than they thought in housing and construction (and were willing to pay for it).

At the end of the day, the option of issuing housing and construction energy back to the table, but housing and change missed windows of opportunity so that a year-long process (of preparations for the IPO) went down the drain. Shikun VeBinui started the IPO process of Shikun VeBinui Energy at the beginning of the year but then the company did not have a CEO and it is difficult to take such a strategic IPO company without a permanent CEO (and preferably swim in company affairs) and also get good value so Rave was actually elected CEO.

Rave has started working hard on the strategic plans of Housing and Construction Energy but it seems that the dissolution of the IPO move has weakened his hands and it seems that it will be very difficult today to promote the company’s IPO in reasonable periods of time.

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