Israel Post CEO to step down after 40% share sale groundwork

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JERUSALEM, Feb 27 (Reuters) - Daniel Goldstein plans to step down as chief executive of Israel's national postal service in the coming months after seven years and following preparations for a public share offering, the Israel Post Co said on Sunday.

Israel is in the process of fully privatising the postal service through a combination of a Tel Aviv share offering and other steps, including a possible sale to a private entity.

In late December, Communications Minister Yoaz Hendel said 40% of Israel Post Co would be sold in an initial public offering on the stock exchange and the rest of the state's shares disposed of through a private sale, IPO or combination of both.

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Goldstein in the coming months will complete the formulation of the company's recovery plans and prepare for the 40% issuance of the state's shares on the stock exchange, Israel Post said.

It added that in the coming days a search committee will be appointed to find a replacement for Goldstein, who took over as CEO in June 2015.

The timing of the share offering has not yet been set.

After years of poor performance, Israel Post has been carrying out a major reorganisation, including changing its array of delivery centres and reducing its workforce.

The government has said that it hopes that taking part of the company private will further improve operations.

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Reporting by Steven Scheer; Editing by Emelia Sithole-Matarise

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