Africa-Israel Investments Ltd. (TASE:AFIL) CFO Ron Fainaro has resigned and the company is looking for a successor. Fainaro, 43, took up his post in 2007, and was with the company during a difficult period. No date has been set for the resignation to come into effect, and Africa-Israel will announce this later.
In August 2009, Africa-Israel, controlled by chairman Lev Leviev, announced that it would seek a debt settlement, after the company's share price lost over 90% of its value over three years, due to difficulties in the US, East European, and Russian real estate markets.
In August 2010, Fainaro received a NIS 1.25 million bonus for his efforts in stabilizing the company during the tough times and reaching the debt settlement.
A source at Africa-Israel told "Globes" that Fainaro was leaving to "pursue new directions."
Published by Globes [online], Israel business news - www.globes-online.com - on December 19, 2010
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