Yuval Bronstein steps down as Azrieli Group CEO

Yuval Bronstein photo: Tamar Matsafi

Bronstein, who was in the post five years, is succeeded by Eyal Henkin, CEO of Azrieli Group unit Supergas.

Azrieli Group Ltd. (TASE: AZRG) CEO Yuval Bronstein announced this morning that he was stepping down from his post. In a notice to the Tel Aviv Stock Exchange this morning, Azrieli Group states that the circumstances of Bronstein's resignation do not require a special report to investors.

Bronstein has been CEO of Azrieli Group, whose main activity is real estate, for the past five years. On Thursday, the group's board of directors approved the appointment of Eyal Henkin, CEO of Azrieli unit Supergas, as Bronstein's replacement at the head of the company.

Azrieli Group chair Danna Azrieli said, "I respect Yuval's decision to resign his position, and thank him for years of fruitful joint activity in which the group recorded substantial achievements in every respect. I congratulate Eyal Hankin as he takes up the position of group CEO, and feel very gratified that we have a cadre of experienced and highly esteemed managers in the wider Azrieli Group, allowing us to promote excellent managers in-house. Eyal is a talented manager who takes up his new post at a time of extensive activity in the group. Azrieli Group is currently in the process of a huge wave of development, consisting of 600,000 square meters of development and construction, with a financial value of some NIS 5 billion."

Bronstein (48) joined Azrieli Group after eleven years in senior positions in the Ministry of Finance, the last of which was Deputy Accountant General.

In the past eleven years, as CFO and CEO of Azrieli Group, Bronstein had a key role in the group's rapid growth, and in making it one of the largest public companies in Israel. As CEO, he focused on the group's core businesses, expanding the income-producing real estate activity through new construction and upgrading of existing assets. At the same, he oversaw the sale of non-core businesses, such as Tambour and Sonol. During his time as CEO, Azrieli Group stepped up its activity in sheltered housing as a new and substantial growth engine.

'Eleven years ago, I joined Azrieli Group as group CFO, and in the past five years I have served as the group's CEO. These have been fascinating and intense years, and I have now decided to take time out and look at new professional challenges. I wish to thank the chair of the board of directors, Danna Azrieli, for her confidence and support, and the group's board, management and staff for their important contribution to the group's success. I wish Eyal Henkin great success as he takes up the post. From my many years of acquaintance with him I am sure that Eyal is the right person at the right time for the group, and that he has all the tools and abilities required to take the group forward to many more achievements."

Henkin, who has been CEO of Supergas for seven years, holds a first degree in computer science and management from Tel Aviv University, and a second degree in business management from the Kellogg-Recanati program.

"I thank the chair of the board of directors Danna Azrieli and the group's board for their faith in me, and Yuval Bronstein for years of cooperation," Henkin said today. "As part of the group in recent years, I have learned to appreciate and value its unique business culture and its characteristic DNA. I am happy and excited at the opportunity to lead one of the largest and most respected business groups in Israel."

Published by Globes [online], Israel business news - www.globes-online.com - on October 22, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

Yuval Bronstein photo: Tamar Matsafi
Yuval Bronstein photo: Tamar Matsafi
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