Oil Refineries (ORL), Israel's
biggest refiner, says Chief Executive Officer Pinchas Buchris plans to step down once a successor is found.
Buchris, a former director-general of Israel's Defense Ministry, has asked ORL's board to find a new CEO as soon as possible, ORL said in a statement to the Tel Aviv Stock Exchange.
He was appointed as ORL's CEO in April 2011 and no reason was given for his decision.
Under his tenure, ORL has invested some $450 million on a new hydrocracker for the production of clean fuels that is expected to help boost the company's profitability.
ORL is a unit of conglomerate Israel Corp.