Matthew Bronfman to take over as IKEA Israel chairman

Bronfman assumes the position next month, after Ron Hadassi's announcement that he will step down.

IKEA Israel chairman Ron Hadassi today announced that he is stepping down after seven and a half years in the job. According to his resignation announcement, he will end his term of office at the end of December 2012, and will be replaced as chairman by franchise holder Matthew Bronfman.

Hadassi has been chairman of IKEA Israel since Bronfman Fisher Investments Ltd. won the franchise for the Swedish furniture outlet in 2005. He also serves in other positions in Bronfman Fisher, including as deputy chairman of Shufersal Ltd. (TASE:SAE), Isralom and Palace Industries and business manager of the group for the past decade.

In Hadassi's term of office with IKEA Israel, the company's revenue doubled from NIS 350 million annually to more than NIS 750 million, and the workforce more than doubled to 850.

During this period, two new stores were opened - the company's second store in Rishon Lezion, while the Netanya store was rebuilt after being destroyed by a fire. A third store at Kiryat Ata is currently under construction and is scheduled to open in 2014.

Published by Globes [online], Israel business news - - on December 2, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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