The management changes at LifeWave Hi-Tech Medical Devices Ltd. (TASE:LIFE) are continuing. The company today announced the decision to fire COO Shilo Ben-Zeev, to take effect retroactively. The company also announced that the departure of its outside advisor for financial matters, who also served as acting CFO, has come into effect.
LifeWave said in today's notice to the Tel Aviv Stock Exchange (TASE) that it had notified Ben-Zeev on October 23 that he was fired because of poor personal relations between him and the former CEO, but "because it was not clear if the firing was final, and in view of the nature of the position filled by Ben-Zeev, the company did not consider his firing to be a matter of an extraordinary nature... that would affect its business or share price."
The Israel Securities Authority thought otherwise, and ordered to the company to announced the two departures.
On November 11, LifeWave announced that CEO Ohad Goren was being replaced by Dr. Michel Afargan. Today, the company said that, in view of the replacement of the CEO, it had reviewed the matter of the firings, and decided that they would come into effect. It added, however, that it would consider employing Ben-Zeev in an external capacity, but not as an officeholder at the company.
Published by Globes [online], Israel business news - www.globes-online.com - on November 22, 2007
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