- Signs for push-out forces
- After less than a year and a half on the job
- Laud and praise for Lavine
- Dori Segal takes over
- Lavine will remain as Vice Chairman at Atrium
(management-change.com) — Tel-Aviv, Israel, November 27, 2016 — Rachel Lavine, chief executive of Gazit-Globe, leaves the position. As announced by Gazit-Globe, Ltd. in a news release and in a regulatory filing published on Sunday, November 27, 2016, Rachel Lavine leaves the post as Chief Executive Officer at the real estate company in a surprising move after less than a year and a half on the job, effective January 31, 2017.
No company wants a CEO to flame out in the first years.
Lavine’s duties are taken over by Dori J. Segal, currently Executive Vice Chairman at Gazit-Globe, Ltd.
No reason given
In the announcement, Gazit-Globe did not explicitly explain the reason for Lavine’s move, leaving room for speculation.
“Will conclude her service”
Gazit-Globe said: “Rachel Lavine, the Company’s current CEO … and a director in the Company …, will conclude her service in both capacities as of January 31, 2017.”
Lavine will remain as Vice Chairman at Atrium
Lavine has agreed to continue to serve as Vice Chairman of the Board of the Company’s subsidiary, Atrium European Real Estate Limited, (VIE: ATRS and ATRS: AS, dually listed on the Vienna Stock Exchange and on the Euronext Stock Exchange in Amsterdam), and on the board of Citycon Oyj.
Share price decline
The change follows a decline in the share price of Gazit-Globe, Ltd. since October 03, 2016.
Chaired by Chaim Katzman
Gazit-Globe, Ltd. is chaired by Chaim Katzman.
Katzman is the founder, controlling shareholder and Chairman of Gazit-Globe. Katzman is also the Chairman of Norstar (formerly Gazit Inc.), the parent company of Gazit-Globe. Katzman has served as Chairman of Gazit-Globe and Norstar since 1998 and 1991, respectively.
On the job as CEO since 2015
Rachel Lavine has been the Company’s CEO since September 1, 2015 and a director in the Company since December 14, 2014.
Lavine joined the Group nine years ago and served six years as Atrium’s CEO.
Upon returning to Israel, Lavine was appointed as Chairman of Gazit Israel and as a director of Gazit Globe.
Later, she was appointed as CEO of Gazit Globe and together with the Board of Directors helped develop the Company’s new growth strategy which in turn would increase its direct ownership of real estate.
Lavine currently serves on the Board of Directors of Citycon and is also a member of the Board of the EPRA organization .
Lavine served as Chief Executive Officer of ATR from August 2008 until November 2014.
Prior to that, she was President and CEO of Plaza Centres and President and CEO of Elscint Ltd.
Lavine is a certified public accountant and earned a BA in business management from the College of Management and an Executive MBA from the Kellogg School of Management at Tel Aviv University.
Signs for push-out forces
It is not completely certain what forces eventually triggered Rachel Lavine’s move.
The Push-out Score™ determined by management-change.com suggests that push-out forces may have contributed to the management change.
Read the full story in the management-change.com report 45.2016 ($).