CEO of Cellcom Israel holding company quits as company announces job cuts

Cellcom Israel has announced the resignation of Sholem Lapidot from its board.

The announcement follows his resignation from the position of CEO of Discount Investment Company (DIC), the indirect controlling shareholder of Cellcom.

The company has announced that Eran Saar. the new CEO of DIC, will take up the mantle until Cellcom’s next general shareholders meeting.

Saar has served as CEO of Equital Group and Isramco Negev 2 from 2012. From 2011 to 2012, Saar served as CFO of Equital Group. Between 2006 to 2010, Mr. Saar was the CEO of Isal Amlat Investments and CFO of Kaman Holding and from 1997 to 2005, Saar served as deputy director corporations department at  Israel Securities Authority. 

Earlier this month, Saar was nominated as CEO of DIC as of December 2019. 

Ami Erel, the company’s chairman of the board of directors said: “I believe that our new team with Eran Saar, the new CEO of DIC and Amir Levy, the new CEO of IBC [Israel Broadcasting Company], our recent major investment, will have significant contribution to the company’s success in facing its challenges and executing the company’s recently announced reconstructing plan.”

This announcement comes less than 24 hours after Cellcom announced that it is going to cut jobs and payments to suppliers in a restructuring plan. The move is intended to return to profits by the end of 2020 following larger than expected quarterly losses. 

The company has not specified how many jobs would be cut, but said that it would not include sale and service customer facing staff.

The beginning of September also saw the departure of VP marketing Yoni Sabag.