Morgan will be replaced by Strauss Group EVP business development, strategy and development Tomer Harpaz.
Strauss Group Ltd. (TASE:STRS) has terminated the contract of Strauss Coffee CEO Todd Morgan. Strauss Coffee chairman Gadi Lesin said that he will be replaced by Strauss Group EVP business development, strategy and development Tomer Harpaz. The decision taken by the general shareholders meeting last week said that Morgan would complete his duties with immediate effect.
The decision follows the dismissal by a Dutch court in Amsterdam on December 24 of claims against Strauss by Strauss Coffee minority shareholder US private equity fund Texas Pacific Group (TPG). Strauss owns 74.9% of Strauss Coffee and TCP 25.1%.
Strauss added that the Strauss Coffee Board of Directors will begin a comprehensive and orderly process to track and appoint the next CEO of the company.
Published by Globes [online], Israel business news - www.globes-online.com - on January 5, 2014
© Copyright of Globes Publisher Itonut (1983) Ltd. 2014
Shiri Habib-Valdhorn and Aviv Levy