CEO of Israel's Bezeq Telecom to resign

1 minute read

The logo of Bezeq Israeli Telecommunication Corp Ltd, the country's largest telecom group, is seen outside their headquarters in Tel Aviv, Israel June 21, 2017. REUTERS/Amir Cohen/File Photo

Register now for FREE unlimited access to Reuters.com

JERUSALEM, April 24 (Reuters) - David Mizrahi is to step down as chief executive of Bezeq (BEZQ.TA), Israel's biggest telecoms group, the company said on Sunday.

"After more than 20 years with Bezeq Group and close to four years in the position of CEO, I feel that it is time for me to make a change," a company statement quoted Mizrahi as saying.

Mizrahi will remain CEO until a replacement is found, the statement said.

Register now for FREE unlimited access to Reuters.com

It quoted Mizrahi as saying that during his four years at the helm, Bezeq had achieved "consistent growth" in revenue along with a "healthy and robust balance sheet".

Last month, Bezeq reported a net profit of 256 million shekels ($78.29 million) for the October-December 2021 quarter, excluding one-time items, down from 277 million shekels a year earlier. Revenue rose 2.5% to 2.26 billion shekels.

For 2022, Bezeq has forecast adjusted net profit of 1 billion-1.1 billion shekels, compared with 1.15 billion in 2021. It estimates adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of 3.6 billion-3.7 billion shekels, versus 3.76 billion last year.

($1 = 3.2698 shekels)

Register now for FREE unlimited access to Reuters.com
Reporting by Jeffrey Heller; Editing by Susan Fenton

Our Standards: The Thomson Reuters Trust Principles.