Elbit Imaging Ltd. announced that the Company has formally notified Mr. Mordechay Zisser that he will not continue as the Company's chief executive officer and executive president, with immediate effect.
The term of the agreement between the Company and Europe Israel (M.M.S.) Ltd. for the provision of management services by Mr. Zisser expired on August 1, 2013, and the term of the agreement between the Company and Control Centers Ltd. for the provision of coordination, planning, execution and supervision services to the Company's and its subsidiaries' and/or affiliates' real estate projects expired on May 31, 2011, but it continued to apply to certain real estate projects that commenced prior to such date.
The Company is in preliminary discussions regarding the possible engagement of Mr. Zisser as a consultant to the Company. However, no agreement has yet been reached and there is no assurance that such agreement will ultimately be reached.
The Company's board of directors is currently seeking a replacement to serve as the Company's chief executive officer.
About Elbit Imaging Ltd.
Elbit Imaging Ltd. operates in the following principal fields of business: (i) Fashion Apparel - Distribution and marketing of fashion apparel and accessories in Israel. (ii) Commercial and Entertainment Centers - Initiation, construction and sale of shopping and entertainment centers and other mixed-use real property projects, predominantly in the retail sector, located in Central and Eastern Europe and in India, primarily through its subsidiary Plaza Centers N.V. and more.