Avi Gabbay has announced that he will step down as CEO of Cellcom. Gabbay was appointed two years ago after a short political career, in which he led the Labor Party. Gabbay was previously CEO of Bezeq.
In recent weeks, rumors have circulated that Gabbay intended to resign from his post, and this morning he announced the move, apparently because he felt he had achieved what he set out to do and restored Cellcom to profitability.
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In the past few months, particularly since Gabbay completed the agreement for continued network sharing with Xfone, several market sources have said that Gabbay would resign after that after it had become clear that Cellcom had made a turnaround and returned to profitability after three years. Gabbay made clear in his conversations with these sources that he had not taken the job for the long term.
Gabbay’s first move at Cellcom after the signing of a new collective agreement with the employees was to buy Golan Telecom, which will be remembered as the deal that saved Cellcom. Thanks to it, the company is now able to meet the repayments of its large debt and to report profits.
During Gabbay’s short tenure, Cellcom’s share price has risen 34%, and the company’s market cap has reached NIS 2.3 billion.
Published by Globes, Israel business news – en.globes.co.il – on November 21, 2021.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2021.
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