Israel's Discount Investment CEO Erel to step down
Tuesday, 12 March 2013
TEL AVIV: Discount Investment Corp Chief Executive Ami Erel will step down later this month after 13 years in the position and will be replaced by Lior Hannes, the chairman of subsidiary Koor Industries .
Discount, one of Israel's largest holding companies, is a subsidiary of debt-strapped conglomerate IDB Holding Corp , which has been seeking to sell some investments to raise cash and help pay off its debt.
Erel will continue to serve in his positions at Discount's subsidiaries, including chairman of Cellcom, Israel's biggest mobile phone operator, Discount said on Tuesday.
Hannes, who in the past was responsible for the group's international activities in London, will also remain chairman of Koor.
"I trust him, due to the experience and professionalism he brings with him, to lead Discount to additional significant business achievements," IDB's controlling shareholder and chairman Nochi Dankner said in a statement.
In addition to controlling Cellcom, Discount owns 70 percent of Koor and 79 percent of construction firm Property & Building. It also holds a key stake in Super-Sol, Israel's largest supermarket chain.
Koor owns about 2.4 percent of Credit Suisse and 40 percent of MA Industries, the world's biggest maker of generic crop protection products. (Reuters)