Fri. Aug 19th, 2022

JERUSALEM (Reuters) – David Mizrahi is to step down as chief executive of Bezeq, Israel’s biggest telecoms group, the company said on Sunday.

“After more than 20 years with Bezeq Group and close to four years in the position of CEO, I feel that it is time for me to make a change,” a company statement quoted Mizrahi as saying.

Mizrahi will remain CEO until a replacement is found, the statement said.

It quoted Mizrahi as saying that during his four years at the helm, Bezeq had achieved “consistent growth” in revenue along with a “healthy and robust balance sheet”.

Last month, Bezeq reported a net profit of 256 million shekels ($78.29 million) for the October-December 2021 quarter, excluding one-time items, down from 277 million shekels a year earlier. Revenue rose 2.5% to 2.26 billion shekels.

For 2022, Bezeq has forecast adjusted net profit of 1 billion-1.1 billion shekels, compared with 1.15 billion in 2021. It estimates adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of 3.6 billion-3.7 billion shekels, versus 3.76 billion last year.

(Reporting by Jeffrey Heller; Editing by Susan Fenton)

Copyright 2022 Thomson Reuters.

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