G. Willi-Food Announces Resignation Of Gil Hochboim As CEO

(RTTNews) - G. Willi-Food International Ltd. (WILC) announced that its board approved the terms of termination of the management service agreements between the Company and companies controlled by Zwi Williger, who currently serves as Company's Co-Chairman of the Board of Directors, and Joseph Williger, who currently serves as a director and the Company's President. In addition, Gil Hochboim stepped down as Chief Executive Office and Chief Financial Officer effective immediately

The management service agreements terminate after a notice period of 180 days following yesterday's execution of a termination agreement. During this notice period but in any event until at least January 15, 2016, Messrs. Zwi and Joseph Williger are to continue to manage the core business of the Company while serving as Co-Presidents of the Company. The termination agreement is subject to the approval of certain of its terms by the Company shareholders, at which time Messrs. Zwi and Joseph Williger are to resign as directors and from all other positions with the Company.

The termination agreement provides for certain payments, including a performance bonus of NIS 2 million and a retirement bonus of NIS 1.67 million, in addition to their management fee of NIS 1.67 million during the year following the notice period, to each of Messrs. Zwi and Joseph Williger.

In addition, Gil Hochboim stepped down as Chief Executive Office and Chief Financial Officer effective immediately. The Board of Directors appointed Iram Graiver as Chief Executive Officer to replace Hochhoim.

Graiver, who will assume the position as Chief Executive officer in 30 days, served since April 2015 as Manager of Business Development for Ness TSG, a company specializing in integration of command-and-control solutions for a wide-range of military and civilian defense, telecommunication and homeland security applications.

From December 2013 to March 2015, Mr. Graiver served as Vice President of Supply Chain Management and Operations for the Company. From September 2011 to November 2013, Mr. Graiver served as CEO of Poliva Ltd., a manufacturer and distributor of raw materials for the baking and pastry industry and the oil industry. Prior to this position, Mr. Graiver was served as an organization and security consultant and from 1989 to 2008 held senior positions with the Israel Security Agency.

The Board of Directors appointed Ilan Admon, currently a director of the Company, to also serve as Acting Chief Executive Officer until Graiver assumes the CEO position and appointed Mr. Pavel Buber, currently the Company's controller and secretary, as Acting Chief Financial Officer and secretary.