Cellcom Israel Ltd. Announces Directors Resignation

Rhea-AI Summary

Cellcom Israel Ltd. (NYSE: CEL) announced the resignation of Ms. Diana Ingrid Elsztain-Dan as a director and the termination of Mr. Saul Zang's nomination as an alternate director. These changes are effective immediately, following the court's approval for the sale of the controlling stake in Discount Investment Corporation Ltd. to investors led by Mega Or Holdings Ltd. The Company has provided additional details in their annual report and other recent filings.

Positive

• Potential for new leadership perspectives with board changes.

Negative

• Resignation of a director may create continuity concerns.
• Termination of alternate director may lead to gaps in governance.

NETANYA, Israel, Nov. 24, 2020 /PRNewswire/ -- Cellcom Israel Ltd. (NYSE: CEL) (the "Company") announced today that following the previously reported approval of the court to the sale of the controlling stake in Discount Investment Corporation Ltd. – the Company's indirect controlling shareholder -  to a group of investors led by Mega Or Holdings Ltd., Ms. Diana Ingrid Elsztain-Dan resigned her office as director of the Company and Mr. Kaufman informed the Company of termination of Mr. Saul Zang's nomination as his alternate director, both effective immediately.

For additional details see the Company's annual report on Form 20-F filed on March 23, 2020 under "Item 6. Directors, Senior Management and Employees" – A. Directors and Senior Management", the Company report for the first quarter 2020 under "Other developments during the first quarter of 2020 and subsequent to the end of the reporting period – Changes to the board of directors and management" filed on May 21, 2020 and the Company report for the third quarter 2020 under "Other developments during the third quarter of 2020 and subsequent to the end of the reporting period – Changes to the board of directors" filed on November 23, 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 cellular subscribers with a broad range of services including cellular telephony, roaming services, text and multimedia messaging, advanced cellular and data services and other value-added services in the areas of mobile office, data protection etc., based on Cellcom Israel's technologically advanced infrastructure. The Company operates advanced networks enabling high-speed broadband and advanced multimedia services. Cellcom Israel offers nationwide customer service including telephone customer service, retail stores, and service and sale centers. 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 Shai Amsalem Chief Financial Officer investors@cellcom.co.il Tel: +972-52-998-4774

Investor Relations Contact Elad Levy Investor Relations Manager investors@cellcom.co.il Tel: +972-52-998-4774

 

 

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SOURCE Cellcom Israel Ltd.

FAQ

What recent changes occurred in Cellcom Israel's management?

Ms. Diana Ingrid Elsztain-Dan resigned as a director, and Mr. Saul Zang's alternate director nomination was terminated.

Why did the changes in the board of directors happen for CEL?

These changes follow the court's approval for the sale of the controlling stake in Discount Investment Corporation Ltd. to a group of investors.

What is the potential impact of the director's resignation on Cellcom Israel?

The resignation may raise concerns about continuity and governance within the Company.