Agrexco CEO David Bondi resigned his post last night. Adv. Shlomo Nass, trustee of the troubled agricultural exports company, accepted Bondi's resignation, and thanked him for his efforts to save the company. Nass also asked Bondi to assist the attempt to rescue Agrexco, particularly vis-à-vis the growers and potential buyers.
In his letter of resignation to Nass, Bondi wrote, "I took up my post as CEO of Agrexco only six months ago. From the start, I was surprised to see that the situation of the company was extremely severe, and I applied all my professional expertise to help save the company and adapt it to the commercial circumstances. Saving the company became the supreme value guiding my conduct as CEO.
"Two weeks ago, you were appointed trustee, and in the light of the new situation I have decided to resign my post as CEO immediately.
"In order to continue the process of rescuing the company, I will continue to assist you, out of concern for the growers, and for Israel's agriculture industry and economy. I believe that, in the future, with the success of the rescue of the company, new facts will come to light that will make clearer the background to the situation and the reasons for my decision. I wish the company success."
The collapse of Agrexco, which exports Israeli agricultural produce under the Carmel and Alesia brands, began two weeks ago, when "Globes" revealed that rating company Midroog had downgraded the company's bonds seven grades to a speculative B1 grade with a negative outlook, because of a substantial worsening in Agrexco's business results and a one-time write-off of assets to the tune of €16.7 million.
Published by Globes [online], Israel business news - www.globes-online.com - on July 11, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011