Oil Refineries Ltd. (TASE:ORL) CEO Pinhas Buchris has asked chairman Akiva Mozes to find a successor for him as soon as possible, the company states in a notice to the Tel Aviv Stock Exchange (TASE) today.
During Buchris's term as CEO, Oil Refineries initiated far-reaching restructuring and streamlining measures, completed the construction and integration of its hydrocracking facility, and adapted to changes in the global energy market. These measures will be the company's growth engines in the coming years and in the long term.
Mozes said today, "I thank Buchris for initiating important measures to change the corporate culture, which will greatly benefit the company." He added, "A search committee on behalf of the board of directors will be established as soon as possible to choose a new CEO."
Israel Corporation (TASE: ILCO) owns 37.1% of Oil Refineries and Israel Petrochemical Enterprises Ltd. (TASE:PTCH) owns 30.7%.
Published by Globes [online], Israel business news - www.globes-online.com - on February 27, 2013
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