New CEO Slated for Caesarstone
MP MENASHE, Israel – Raanan Zilberman, a seasoned executive with multinational companies, will be the new CEO at Caesarstone Ltd. (NASDAQ:CSTE).
Raanan Zilberman (Photo CC BY-SA 3.0)Zilberman will succeed Yos Shiran, who announced his departure earlier this summer.
“I am happy to welcome Raanan Zilberman, who will join Caesarstone as the Company’s CEO in February 2017,” said Yonathan Melamed, Caesarstone chairman of the board. “ After a rigorous search, the Board of Directors elected Mr. Zilberman due to his leadership and considerable experience, along with his strong track record of success as a CEO.”
“I am proud and excited to join Caesarstone,” Zilberman said. “I look forward to working with the management team, who has done an amazing job in developing the company over the past few years.
“Together, we will continue to seek new growth opportunities to foster our brand and to further enhance value for Caesarstone’s shareholders, employees, partners and customers.”
For the last 13 years, Zilberman headed the Geneva-based company now known as Eden Springs, a leading provider of water and coffee services to European workplaces. Originally a joint venture between Group Danone and Mey Eden, the company expanded under Zilberman’s leadership to a network of 160 branches and 30 water plants across 18 countries.
Zilberman also previously worked as president of Vishay Transducers, a subsidiary of Vishay Intertechnology Inc., a Fortune 1000 NYSE-listed company listed on the NYSE with operation sites in the USA, Europe & Asia; and CEO/president of Tedea-Huntleigh, a multinational company producing and marketing of electromechanical sensors.
Prior to that, Mr. Zilberman served as COO of Tadiran Appliances, a former subsidiary of Carrier and United Technologies, a Fortune 500 company, which manufactures air conditioners and refrigerators.
The company will submit the terms of Zilberman’s employment for approval by its shareholders at its upcoming annual meeting of shareholders.
Last year’s annual meeting involved a clash between Caesarstone’s management and stockholders from Kibbutz Sdot Yam, the Israeli agricultural community that founded the company, concerning now-outgoing CEO Shiran’s stock options and other matters. The kibbutz proposed alternative directors to the company board’s slate, although none of the alternates were elected.
A repeat of that conflict is unlikely with the new CEO contract, given last week’s deal by Israeli equity investment firm Tene Investment Funds Ltd. Tene, which invested in Caesarstone earlier and then sold its position in 2014, paid $43.5 million for one million shares held by the kibbutz, with an option to buy two million more shares in the next five years.
As part of the deal, Tene and the kibbutz will work to jointly vote all their shares at Caesarstone stockholder meetings, and also not offer actions that will contradict the company board’s recommendations on board-member elections.
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