Partner CFO Dudu Mizrahi leaves abruptly

  • Push-out Score suggests push-out forces
  • After less than one year in the position
  • Tamir Amar taking over

(exechange) — Rosh Ha’Ayin, Israel, December 27, 2017 — Dudu Mizrahi, finance chief of Partner, leaves. It is an abrupt change. As announced by Partner Communications Company Ltd. in a news release and in a regulatory filing published on Wednesday, December 27, 2017, David (Dudu) Mizrahi has already left his post as Chief Financial Officer at the Israeli communications operator after less than one year in the position, effective December 26, 2017.

No company wants a CFO to flame out in the first year.

Sigal Tzadok, Head of the Finance Department and the Company Comptroller will serve as acting CFO of the Company during the period from December 26, 2017 until February 1, 2018.

Mizrahi’s duties will be taken over by Tamir Amar, most recently Chief Executive Officer at Vaporjet ltd., effective February 1, 2018.

The fact that Mizrahi’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.

No reason given

In the announcement, Partner did not explicitly explain the obviously compelling reason for Mizrahi’s sudden move, opening the door for speculation.

Precise information about Mizrahi’s future plans was not immediately available.

Alarm signal

Generally speaking, it is often an alarm signal for stockholders when a CFO leaves the position abruptly and without a reasonable explanation.

“Concluded his term”

Partner said: “Mr. Amar will be replacing Mr. David (Dudu) Mizrahi, who concluded his term on December 26, 2017.”

Share price decline

The change follows a decline in the share price of Partner Communications Company Ltd. since April 2014.

Chaired by Adam Chesnoff

Partner Communications Company Ltd. is chaired by Adam Chesnoff.

Adam Chesnoff was appointed to the Board of Directors of Partner effective as of January 29, 2013 and was appointed to serve as Chairman of the Board of Directors on November 20, 2013.

CEO: Isaac Benbenisti

Isaac Benbenisti serves as CEO of Partner Communications Company Ltd. Isaac Benbenisti was appointed as Chief Executive Officer effective July 1, 2015 after having served as the Deputy CEO of Partner from November 2014.

In the position of CFO since 2017

David (Dudu) Mizrahi was appointed as Chief Financial Officer of Partner effective April 2, 2017.

Prior to joining the Company, Mizrahi served from 2012 until 2016 as the Deputy CEO and CFO of Bezeq-The Israel Telecommunication Corp., Ltd. (Bezeq).

Between 2007 and 2012, Mizrahi served as the Vice President Economics and Budget at Bezeq and between 2001-2007 he served as the Regulatory and Government Relations Department Manager at Bezeq.

Mizrahi holds a B.A. in Economics from the Hebrew University in Jerusalem.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Dudu Mizrahi’s sudden move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.

Read the full story in the exechange report 1.2018 ($).