Africa Israel CFO Fainaro to step down in 2011

JERUSALEM Dec 19 (Reuters) - Real estate developer Africa Israel Investments (AFIL01.TA) said on Sunday its chief financial officer, Ron Fainaro, will step down in 2011 after more than three years in the job.

An Africa Israel spokeswoman said that while a departure date has not yet been set, Fainaro -- who became CFO in August 2007 -- will most likely stay in the post until March 2011, after the company issues fourth-quarter and 2011 results.

Africa Israel did not comment further.

The company was hard hit by the real estate meltdown in the United States, Russia and eastern Europe and defaulted on a series of bonds. Fainaro helped formulate a plan for Africa Israel to restructure $2 billion of bonds earlier this year.

Africa Israel's bottom line has benefitted from the restructuring, moving back to profitability. It also sold half of its hotels unit and its stake in toll road Highway 6. [ID:nLDE6AR06U]

Africa Israel has interests in energy, hotels, infrastructure, and fashion. It owns 71 percent of AFI Development (AFIDLq.L), a Russia-focused real estate company. (Reporting by Steven Scheer; Editing by Mike Nesbit)