The CFO of Bezeq is to resign at the end of the year, according to a company statement.
Alan Gelman, CFO and deputy CEO at Israel’s largest telco, leaves the role after five years. He gives no reason for his departure.
“Gelman was considered to be…
The CFO of Bezeq is to resign at the end of the year, according to a company statement.
Alan Gelman, CFO and deputy CEO at Israel’s largest telco, leaves the role after five years. He gives no reason for his departure.
“Gelman was considered to be very good, he had a great relationship with investors,” Ori Licht, head of research at Israeli brokerage IBI, told TelecomFinance. “I’ve spoken to my colleagues and no one knows why he left.”
Gelman leaves Bezeq at a difficult time for the company, which faces strong competition as new telcos enter the sector. Bezeq saw a decrease of 29% in Q2 profits this year.
“Fixed line is going to be the focus of the telecoms regulator in 2013 and this makes up 65% of Bezeq’s business, so it’s going to be a very challenging time,” said Licht.
Regarding Gelman’s departure, chairman Shaul Elovitch said in a statement: “Alan came to the company during a period of significant change and succeeded in generating recognition of Bezeq as one of the preferred telcos of the capital markets in Israel and abroad…Alan was also responsible for several of the largest and most successful raisings of capital in Israel in recent years, and played a central part in ensuring the strong financial standing of the company.”
