Shufersal board knifes chairman Yaki Vadmani

Yacov (Yaki) Vadmani  credit: Jonathan Bloom
Yacov (Yaki) Vadmani credit: Jonathan Bloom

Vadmani resigned after a majority of the Shufersal board decided not to recommend his reelection to the shareholders.

Shufersal (TASE: SAE) chairperson Yaki Vadmani is stepping down. Vadmani informed the board of the supermarket chain of his decision yesterday evening, after a majority of the directors decided not to recommend him to the shareholders meeting for a further term.

In his resignation letter, Vadmani wrote, "Following the decision by the Shufersal board committee not to recommend me as a candidate for a directorship at the company, and the adoption of that decision by a majority of the board, I see fit to notify you that I have decided to terminate my position as chairman of the Shufersal group. Above all, it is important to me to thank personally Shufersal's dedicated employees. It has been a privilege to get to know them and to work with them."

Shufersal has no controlling shareholder and is mainly owned by financial institutions, some of which have recently been critical of moves led by Vadmani, among them the departure of CEO Itzik Abercohen, with whom Vadmani did not see eye to eye, his intention to raise before the board of directors a merger proposal received from Delek Israel, and the signing of an MOU for the acquisition of 60% of home appliances importer Mini Line at a valuation of NIS 936 million, at a time when the company has no permanent CEO. Some financial institutions also objected by attempts by certain investors to buy substantial stakes in Shufersal in a rushed process without an orderly examination of the company's options.

The Shufersal board has appointed Ran Gottfried as acting chairman. Vadmani became chairman in October 2020.

Meanwhile, income producing real estate company Amot Investments has expressed interest in cooperation with Shufersal Real Estate. This follows yesterday's offer from Brosh Capital Partners and JTLV to buy 15% of Shufersal Real Estate for NIS 540 million in an allocation of new shares. The offer values Shufersal Real Estate at NIS 3.06 billion, pre-money. The company's shareholders equity stands at NIS 2.7 billion.

Published by Globes, Israel business news - - on April 12, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.

Yacov (Yaki) Vadmani  credit: Jonathan Bloom
Yacov (Yaki) Vadmani credit: Jonathan Bloom
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