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Elbit names Dudi Machluf & Ran Shtarkman Co-CEOs
28
Dec '09
Elbit Imaging Ltd. announced that it has named Ran Shtarkman and Dudi Machluf co-CEOs of the Company, replacing Shimon Yitzhaki, who has been promoted to Chairman of the Board of Directors. Mordechay Zisser, the current Chairman of the Board, has been named Executive President of Elbit Imaging. Both Shimon Yitzhaki and Mordechay Zisser respectively, have served as CEO and Chairman of the Board of Directors for the past 11 years.

All of the appointments are effective January 1, 2010.

These appointments are part of an overall Company reorganization aimed at improving management efficiency throughout the Company's branches.

Machluf has served as Elbit Imaging's Chief Financial Officer (CFO) since 2006 and served in a number of executive financial roles upon joining Elbit Imaging in 2003.

Shtarkman has served as CEO of Plaza Centers N.V., the Company's subsidiary, since Plaza's Initial Public Offering on the London Stock Exchange in 2006. Shtarkman joined the group in 2002. He will continue to serve as CEO of Plaza.

Machluf and Shtarkman lead the Company's young executive leadership team, playing key roles in guiding the group to its current position of strength.

As co-CEOs, the two will divide responsibilities for Elbit Imaging's most important geographical markets around the world (including Europe, India and the US), based on their individual knowledge, experience and expertise.

Mr. Mordechay Zisser, commented: "I am very pleased and enthusiastic about the new appointments that we announced today. It has been over a decade since we purchased Elbit Imaging - Elscint and during this period the group has grown and expanded not only in its fields of activity, but in the scope of the projects we have initiated. Today, the group is active in a number of countries around the world, with the majority of the Company's activities undertaken through the collaborative efforts of Elbit Imaging and Plaza Centers. Unlike many large companies, the financial crisis created new opportunities for Elbit Imaging to expand its businesses around the world, requiring the Company to take full advantage of its expertise in the financial, legal and engineering fields and to streamline our organizational structure, leading to our decision to appoint co-CEOs."

"When the decision was made to appoint co-CEOs, the natural and obvious choices were Dudi and Ran," said Zisser.

"Each has many diverse gifts and talents, a deep familiarity with the Company and a strong desire to help the Company achieve its multi-faceted goals. We have been grooming them for this position for a long time and have equipped them as best as possible to meet the challenges and opportunities that will arise in the future. Nevertheless, I and Shimon Yitzhaki will remain actively involved as much as possible and as much as needed.

"I strongly believe that the collaboration between Ran and Dudi will create a reality where the sum is truly greater than the individual parts and I wish them much luck and success in this new and challenging endeavor."

Elbit Imaging Ltd

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