Zehavit Cohen leaves Tnuva, Psagot
Chairwoman of both food concern, investment house informs Psagot's board of her resignation following consumer boycotts, Antitrust Authority investigation; will stay on as Apax Israel chairperson
Cohen served as chairwoman of the food concern and of the investment house. She will, however, stay on as CEO of Apax Israel, and Shlomo Rodev will be stepping in as chairman of Tnuva's board.
Cohen announced her resignation to Psagot's directorate Sunday morning and informed the board that she has also left her position at Tnuva. Cohen is caving in to immense public pressure on part of the consumers and an Antitrust Authority investigation against Tnuva.
The role international Apax played in the decision is unclear; however, last week, the fund released a statement in which it announced that it stood by Cohen.
Cohen's position as active chairperson both in Tnuva and Psagot is unusual as in global Apax. Partners usually do not hold operational positions in the fund's portfolio companies.
The resignation announcement was met with disbelief both in Tnuva and Psagot. After playing a dominant role in both, Cohen's part in the management of the two Apax holdings will diminish considerably.
'Protest against cost of living succeeded'
Also Sunday, Tnuva announced a fixed reduction of 7-20% in the prices of a number of products, including soft white cheese, hard yellow cheese and yogurts.
Tnuva CEO Arik Schor said Sunday, "The protest against the cost of living in Israel has succeeded. This is the first time something of this kind happens in Israel.
"Tnuva is attentive to its consumers and has decided to significantly reduce the prices of dozens of products. I believe that as a leading company in the Israeli food market, the unprecedented step we took will serve as an example."
On another front, the food concern is expected to move up the release of its financial reports, which will be published as early as this week.
Naama Sikuler and Meirav Crystal contributed to this report
Click here to read this report in Hebrew
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