Cellcom Israel Ltd. (NYSE: CEL) (the "Company") announced today that Mr. Shlomi Fruhling, the Company's Chief Financial Officer, informed the Company of his intention to resign his position, in the near term, at a date yet to be determined.
Mr. Fruhling has served as the Company's CFO since 2013 and played a central role in leading the Company's vision to become a strong communications group and executing substantial strategic steps to make it actualize. During his tenure the Company revolutionized the Israeli TV when it entered that field, entered the internet infrastructure using fiber optic and the wholesale market, entered network sharing agreements with Golan and Xfone, purchased IBC's controlling stake, together with IIF, planned and executed a restructuring plan to fortify the Company's balance sheet and entered a binding MOU to purchase Golan. As CFO, Mr. Fruhling initiated and led extensive activity in the Israel capital market, including very successful private and public debt issuance, debentures exchange and future issuance of debentures, as well as capital issuance.
Mr. Avi Gabbay, the Company's CEO said: "I thank Shlomi for his pivotal contribution to all aspects of the Company's activities and to turning the Company from the largest cellular operator in Israel to a strong communications group."