Ofer decided to step down after 11 years as chairman of Israel Corp. Ofer will be replaced by Amir Elstein, the Chairman of Tower Semiconductor since 2009
Israel Corp. chairman Idan Ofer has resigned his post as chairman of Israel Corporation. Israel Corporation is Israel’s largest holding company and a global player with core holdings in fertilizers and specialty chemicals, energy, shipping and transportation.
The company's board of directors announced last week that Ofer had asked to step down but clarified that he will continue to serve on the board of directors, and remain as chairman of electric car infrastructure enterprise "Better Place”.
Ofer will be replaced by Amir Elstein, 55, who was appointed deputy chairman of Israel Corp. last year. Elstein has also been chairman of chipmaker Tower Semiconductor since 2009.
In a statement issued to the press Ofer said that after 11 years as chairman of Israel Corp., he felt it would be proper and healthy to have a changing of the guard at the holding company, especially as such a talented person had been found to replace him.
Israel Corp. shares rose 0.9% after the announcement that chairman Idan Ofer was resigning and would be replaced by Amir Elstein.