IEC's board asked Harel Blinde to stay on until the upcoming debt issues are completed and the company publishes its financial report.
Israel Electric Corporation (IEC) (TASE: ELEC.B22) today announced that CFO Harel Blinde has announced his resignation. In a notice to the TASE, IEC states that he cited the recent difficult atmosphere between him and CEO Eli Glickman, which Blinde believes makes it impossible for him to properly carry out his job.
Blinde has apparently resigned over the NIS 1.5 billion cash flow shortfall scandal at IEC, and the utility's wish for more guarantees from the Ministry of Finance to prevent insolvency. In October, IEC finance division manager Zechariah Kay announced that he was taking early voluntary retirement.
IEC's board of directors asked Blinde to stay on until the upcoming debt issues are completed and the company publishes its financial report for the third quarter. No successor has yet been appointed.
Published by Globes [online], Israel business news - www.globes-online.com - on November 15, 2012
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