Cellcom Israel Ltd. Announces Director Resignation

Rhea-AI Summary

On June 16, 2020, Cellcom Israel Ltd. (NYSE: CEL) announced the resignation of Mr. Samy Bakalash as a director, following his appointment as CEO of the Israeli Parliament. This change comes amidst Cellcom's ongoing operations as the largest cellular provider in Israel, with approximately 2.747 million subscribers as of March 31, 2020. The company offers extensive telecommunication services, including advanced cellular content, OTT TV, and international calling services. The full implications of this leadership change are yet to be assessed.

Positive

• None.

Negative

• Resignation of a director may cause concerns about continuity in leadership.
• Potential experience gaps in the board following the departure of Mr. Bakalash.

NETANYA, Israel, June 16, 2020 /PRNewswire/ -- Cellcom Israel Ltd. (NYSE: CEL) (the "Company") announced today that Mr. Samy Bakalash resigned his office as director of the Company, following his appointment as CEO of the Israeli Parliament.

For additional details see the Company's annual report on Form 20-F dated March 23, 2020 under "Item 6. Directors, Senior Management and Employees" – A. Directors and Senior Management" and the Company's current report on Form 6-K dated May 10, 2020.

About Cellcom Israel

Cellcom Israel Ltd., established in 1994, is a leading Israeli communications group, providing a wide range of communications services. Cellcom Israel is the largest Israeli cellular provider, providing its approximately 2.747  million cellular subscribers (as at March 31, 2020) with a broad range of services including cellular telephony, roaming services for tourists in Israel and for its subscribers abroad, text and multimedia messaging, advanced cellular content and data services and other value-added services in the areas of music, video, mobile office etc., based on Cellcom Israel's technologically advanced infrastructure. The Company operates an LTE 4 generation network and an HSPA 3.5 Generation network enabling advanced high speed broadband multimedia services, in addition to GSM/GPRS/EDGE networks. Cellcom Israel offers Israel's broadest and largest customer service infrastructure including telephone customer service centers, retail stores, and service and sale centers, distributed nationwide. Cellcom Israel further provides OTT TV services, internet infrastructure and connectivity services and international calling services, as well as landline telephone services in Israel. Cellcom Israel's shares are traded both on the New York Stock Exchange (CEL) and the Tel Aviv Stock Exchange (CEL). For additional information please visit the Company's website http://investors.cellcom.co.il.         

 

Company Contact Shlomi Fruhling Chief Financial Officer investors@cellcom.co.il Tel: +972 52 998 9735

Investor Relations Contact Ehud Helft GK Investor & Public Relations  In partnership with LHA cellcom@GKIR.com Tel: +1 617 418 3096

 

View original content:http://www.prnewswire.com/news-releases/cellcom-israel-ltd-announces-director-resignation-301077384.html

SOURCE Cellcom Israel Ltd.

FAQ

What prompted the resignation of Samy Bakalash from Cellcom Israel Ltd.?

Samy Bakalash resigned following his appointment as CEO of the Israeli Parliament.

How might the resignation of Mr. Bakalash affect Cellcom Israel Ltd.?

The resignation could raise concerns about continuity and experience on the board.

What is the stock symbol for Cellcom Israel Ltd.?

The stock symbol for Cellcom Israel Ltd. is CEL.