Stent maker ITGI Medical Ltd. (TASE:ITGI) usually tries to keep a low profile. Yesterday's storm cannot be described in such a way. After yesterday's board meeting, the company's top three executives all quit: chairman Yaacov Goldman, CEO Efri Argaman, and CFO Amir Loberman.
The three men said that they were leaving because of friction with Zvi Boms, who owns the 45% controlling stake of the company. They said, "His vision isn't compatible with what is good for the company."
The parties involved were not available for comment.
Following the resignations, the Tel Aviv Stock Exchange (TASE) management suspended trading in ITGI's share. The TASE board will convene on Thursday to discuss the suspension. ITGI's share stood at NIS 1.71, giving a market cap of NIS 31.6 million before the announcement of the resignations. There has been no change in the share since last week.
Goldman was the first ITGI executive to announce his resignation. "My resignation is due to disagreements with Mr. Zvi Boms, who was appointed as a director at the last board meeting on May 25, 2009," he wrote in his letter of resignation. "The disagreements concern ITGI's future management perception, and the vision that Boms today outlined to the board of directors, which in my opinion are incompatible with the good of the company and its needs."
ITGI develops tissue-coated stents that do not harm artery walls.
Published by Globes [online], Israel business news - www.globes-online.com - on June 2, 2009
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