Elbit Imaging Ltd. (Nasdaq: EMITF; TASE: EMIT) is reorganizing its management structure in order to implement its business plan to focus on seeking new opportunities for the initiation, development, and redevelopment of properties, and to establish and expand business cooperation and joint ventures in the US, Europe, and India. The company announced today that president Mordechay (Motti) Zisser has also assumed the post of CEO and will lead its business activity.
Elbit Imaging will post its co-CEOs Ran Shtarkman and David Machluf in the relevant markets where the company wishes to focus in the coming years and which constitute its core business. Starkman will serve as CEO of subsidiary Plaza Centers NV (LSE:PLAZWSE:WLZ), managing the company's operations in Eastern Europe and India. Machluf will serve as CEO of subsidiary Elbit Plaza USA, where he will manage real estate activities in the US, as well as international financing activities and mergers and acquisitions.
Elbit Imaging added that CFO Doron Moshe will assume responsibility for the company’s investor relations, in cooperation with chairman Shimon Yitzhaki, and that VP and general counsel Zvi Maayan will assume responsibility also for corporate governance.
Since May 2011, Elbit Imaging and affiliated companies have bought back bonds with a nominal value of NIS 165 million for a total of NIS 112 million. The current yield on the company's bonds reaches 44%.
Zisser said, "Following a long period during which we have focused mainly on stabilizing the company in markets which have experienced high volatility, the time has come to get back to the entrepreneurial and value-creating activity by which Elbit Imaging has been characterized for many years. Our highly experienced senior managerial team will now be close to the relevant fields of activity and geographical markets around the world, to enable quick and efficient identification and exploitation of opportunities and establishing and expanding business cooperation and joint-ventures in these challenging times."
Published by Globes [online], Israel business news - www.globes-online.com - on July 31, 2012
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