Outgoing IKEA Israel CEO Gil Unger will become CEO of Blue Square Israel.
IKEA executive Martin Lindstrom is in Israel to meet the final-stage candidates for CEO of IKEA Israel. The ten finalists include former Burger Ranch CEO Yossi Lubaton, former Elite Industries and Tempo Beer Industries executive Benny Greenapple, and Dahaf 1 CEO and former Super-Sol EVP marketing and commerce Eli Meron.
Outgoing IKEA Israel CEO Gil Unger will become CEO of Blue Square Israel (NYSE: BSI; TASE:BSI) after leaving IKEA on May 10. The new CEO for IKEA Israel is due to be appointed by then.
A tender for the sale of IKEA Israel is due to be published soon. IKEA Israel is owned by Co-Op Blue Square Consumer Cooperative Society (Co-Op) (75%), which sold Blue-Square to Bronfman-Weissman last year for NIS 1.3 billion. Canadian-Jewish businessman Albert Gnat, who died this week, owned the other 25%.
Gnat, who served as IKEA's representative on IKEA Israel's board of directors, was negotiating to acquire full ownership of IKEA Israel, and had first refusal rights to Co-Op's stake. Kesselman Corporate Finance estimated the value of IKEA Israel for the purpose of the sale at $20 million.
Published by Globes [online] - www.globes.co.il - on April 20, 2004