Reuters 17-10-2012

CFO of Israel’s Bezeq Telecom resigns -company

Oct 17 (Reuters) – The chief financial officer of Bezeq Israel Telecom will leave his post at Israel’s largest telecoms group at the end of 2012, a statement from the company said on Wednesday.

The company said Allan Gelman, who is also Bezeq’s deputy CEO, had been CFO for five years. It did not give any reasons for his resignation.

Bezeq is facing fierce competition after six new mobile phone operators entered the sector this year. In August, the company warned on full-year profit and revenue after reporting a 29 percent fall in Q2 profit, missing estimates.

Three operators, including Bezeq unit Pelephone, had dominated the sector for more than 12 years until regulatory changes at the start of 2011 forced providers to slash the fees operators charge each other to connect calls and to scrap exit fines for customers. (Writing by Maayan Lubell; Editing by Tova Cohen)