After four and half months as acting CEO, Tefron Ltd. (Bulletin Board: TFRFF; TASE:TFR) controlling shareholder Ben Lieberman is becoming the company's regular CEO. In its announcement to the TASE today, Tefron reported that his appointment was already becoming effective today, and that the company would publish a deal with the controlling shareholder concerning his terms of employment.
The previous CEO of Tefron was Gil Shimon, who announced his resignation last November after three and a half years in the job, citing personal reasons. Shimon was then appointed CEO of Delta Galil Industries Ltd. (Pink Sheet: DELTY; TASE: DELT), controlled by Isaac Dabah. Eytan Stiassnie was appointed in Shimon's place, and was to have entered the position in February. Shortly afterwards, however, this appointment encountered a legal obstacle, because two years had not yet passed since Stiassnie served as an independent director in the company, and Tefron reported that he would not be CEO. Lieberman then took up the position of acting CEO.
Together with his brother, Martin Lieberman, Ben Lieberman controls Tefron through Litef Holdings, which holds 54.2% of Tefron's shares. The Liebermans, a Canadian family, first invested in Tefron in 2010. Tefron, which designs, produces, and markets sports clothes and underwear, has a NIS 76 million market cap. The company posted $33.1 million in revenue in the first quarter of 2017, 24% more than in the corresponding quarter last year, and a modest $80,000 net profit, compared with a $1.2 million net loss in the corresponding quarter last year.
Published by Globes [online], Israel Business News - www.globes-online.com - on June 19, 2017
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