Boaz Tzafrir announced today that he would step down as CEO of Israel Railways in August, after serving five years in the post. Tzafrir said he wished to return to the private sector.
"I had the privilege of serving in a complex and challenging role, and I am grateful for the opportunity given me to do so," Tzafrir said today, "I feel that I personally have completed most of the tasks I set myself. This involved dealing with daily difficulties and challenges. The goals were reached thanks to remarkable teamwork on the part of many people in Israel Railways.
"I am happy and proud that at the end of the joint effort, Israel Railways is a socially aware, transparent, highly professional company that is service-oriented. I should like to thank Minster of Transport and Minister of Intelligence and Atomic Energy Yisrael Katz and the company's board of directors for their support along this challenging road. I should particularly like to thank the management and workers who have been full partners in the transformation."
During Tzafrir's five years in charge, passenger traffic on Israel Railways increased by 50%, punctuality stabilized at 96%, and for the first time after decades of losses the company reported two successive years of net profit. Tzafrir led Israel Railways to the capital market, where it raised marketable debt of NIS 1 billion, opening it up to a source of available capital and obliging it to report its financial results, thus making it more transparent.
Published by Globes [online], Israel business news - www.globes-online.com - on April 18, 2016
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