Jacob Gelbard. Stepping down
Photo: Oren Agmon
Haim Romano. Stepping in
Photo: Sivan Farag
Turmoil in Partner: CEO replaced
Communications company CEO Jacob Gelbard to step down after only one year in favor of former VP Haim Romano
Partner Communications is continuing to experience shockwaves: Company CEO Jacob Gelbard will step down after a year at the helm, and will be replaced by Haim Romano, who was VP to Partner's first CEO, Amikam Cohen.
Gelbard, formerly CEO of rival cellular provider Pelephone and of Bezeq telecommunication group, was also party to the acquisition of the controlling interest of Partner by Ilan Ben-Dov in the summer of 2010, serving as advisor to Ben-Dov during negotiations. Later, following the acquisition, he was appointed as member of the board.
Romano left the company after David Avner was named as successor to Cohen.
Positive Opinion
Leroy Peri, Calcalist
Opinion commissioned by Tau Tsuot controlling shareholder Ilan Ben-Dov shows valuation from end of 2010 gives company a NIS 404 million price tag. Fahn Kanne valuation stands at NIS 811 million
In October 2010, Gelbard replaced David Avner as company CEO. Ever since Ilan Ben-Dov took over the company's controlling interest, Partner's top management has been sailing choppy waters with a number of chief officers abandoning ship just months after the acquisition.
The wave of resignations was topped with the departure of CEO David Avner and VP Eli Glikman who was designated to take Glikman's place in due time.
In recent months, there were rumors of a rift between Gelbard and Partner's CMO, Yacov Kedmi, who was parachuted into the company after it changed hands.
Gelbard denied the rumors; however, sources on the market insisted that the two were apparently embroiled in a struggle over the company's marketing strategy.
In the past few quarters, the company opted for a strategy of expanding its market stake on the expense of its profits, aiming to establish a customer base through which is would increase its earnings and profitability.
The company's performance deteriorated beyond the erosion experienced by all cellular providers as a result of cutting connectivity fees and the cancellation of the termination fees, and for the first time in several quarters, the company did not distribute dividends after the publication of the its last quarter's results.
Gelbard's replacement, Haim Romano, was one of Partner's top dogs and was even designated to replace Amikam Cohen, Partner's first CEO. After leaving the company and until two years ago, Romano served as CEO at El Al Airlines.
Click here to read this report in Hebrew
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