Dov Lautman to replace Arnon Tiberg as Delta Galil CEO

28 Dec '05

3 min read

Tel Aviv based apparel maker Delta Galil Industries Ltd announced that by mutual agreement with the Company, Arnon Tiberg will cease to be Chief Executive Officer effective January 31, 2006.

The Board of Directors has decided that Dov Lautman, the Chairman of he Board of Directors, will serve as CEO for 12 months beginning February 1, 2006.

Since Israeli law requires shareholder approval for the Chairman of the Board of Directors to serve simultaneously as CEO, the board of directors has decided to convene a shareholders meeting to approve Lautman's continuing to serve as Chairman of the Board of Directors during a period of up to 15 months.

The Board recommends that the shareholders vote in favor of this proposal.

The Board of Directors expressed its appreciation to Tiberg for his service over the past decade as Delta's CEO.

The Board noted that Tiberg successfully implemented strategic steps, including the transfer of production to lower labor cost countries, entry into the U.S. mass market, diversification of the Company's customers, and acquisitions that have transformed Delta to a global leader in its field.

Lautman said: "A few months ago Arnon Tiberg asked me to look into the possibility of his resignation as CEO.

I asked him to remain in his position. Company has now agreed that he would finish his term as CEO on January 31, 2006.

Due to my great appreciation for his talents, I intend to ask the Board of Directors to nominate Tiberg as a director in the near future, so that Delta may benefit from his vast knowledge and experience."

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