IEC board approves new CEO

Uri Ben-Nun, a former CEO of the Dead Sea Works, beat 70 candidates who had applied for the position.

October 27, 2005 21:45
2 minute read.


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The directors of Israel Electric Corporation gave their approval for the appointment of Uri Ben-Nun as its new chief executive, the company said Thursday, to replace the current CEO Jacob Razon.

As a government owned company, their recommendation has been forwarded to Finance Minister Ehud Olmert and National Infrastructure Minister Binyamin Ben-Eliezer for approval, before Ben-Nun officially gets the job.

Ben-Nun, who is a former CEO of the Dead Sea Works, beat 70 candidates who had applied for the position since the company started its search in May. He was the sole candidate presented to the board.

The board of directors approved the appointment in a vote of seven in favor and five against, while one member was not present to vote. IEC Chairman Shlomo Rothman was the most prominent of those who felt that Ben-Nun was not the right man for the job, but gave his support once the decision went through.

"My decision to oppose the recommendation was purely professional and was made according to the best interests for the challenges facing IEC in the coming years," Rothman said.

Pending the minister's approval, Ben-Nun will take over from Razon, who had spent over 20 years in various positions at IEC, four of them as CEO.

TTI founder

takes Sapiens top job

Sapiens International Corporation NV, a Formula group company, said Thursday that it has appointed Roni Al-Dor as its president and CEO, to take effect November 10.

Al-Dor is the founder of TTI Telecom, where he served as president for 12 years and helped the company grow to a revenue of $60 million per year. He replaces Itsik Sharir, who has decided to retire after five years.

Struggling Sapiens had second-quarter revenue of $9.6m. and a net loss of $10.1m. for the period, its sixth straight quarter in the red. Last month its shares were moved from trade on the Nasdaq National Market to the Nasdaq Capital Market

(formerly the SmallCap market).

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