CRH looks for new Nesher Cement CEO

CRH is reviewing the candidacy of Moshe Kaplinsky for the position of CEO of Nesher Cement Enterprises following the departure of Joel Feldschuh announced earlier this week. Mr Kaplinsky is the former CEO of Better Place Israel.

Mr Feldschuh announced on Monday that he will leave the company at the end of the year. His departure follows the sale in July of its controlling shareholder, Clal Industries and Investments Ltd to Len Blavatnik's Access Industries, by IDB Holding Corp. Ltd, controlled by Nochi Dankner, who appointed Feldschuh to the post.

Clal Industries owns 75 per cent of Mashav Initiation and Development Ltd, which owns Nesher, and CRH owns the other 25 per cent.

In its financial report for the first half of 2012, Clal Industries said that Nesher posted NIS925m in the first half, nine per cent more than in the first of 2011. Most of the growth was due to higher domestic sales of cement, which was partly offset by lower sales to Palestinians. Despite the revenue growth, Nesher's net profit fell 17.3 per cent to NIS 91m in the first half, mostly because of higher energy costs.

(Source: Israel Business Arena)