Caesarstone CEO Resigns

MP MENASHE, Israel – Raanan Zilberman, CEO of quartz producer Caesarstone Ltd., is no longer with the company.

275 Zilberman CaesarstoneZilbermanThe company announced Zilberman’s resignation today in a short press statement. No reason was stated for Zilberman’s action.

Zilberman took over as executive chief of the company in February 2017.

Caesarstone’s board of directors appointed Yair Averbuch, the company’s current chief financial officer (CFO), as interim CEO, and announced that board chairman Ariel Halperin “will partner closely” with Averbuch.

The company also announced that it’s retaining a global executive-search firm to find new CEO candidates.

Averbuch previously announced that he would step down as CFO, and the company appointed Ophir Yakovian to take his place. Yakovian will continue to transition to the new CFO position.

“The company conveys its appreciation to Raanan for his contributions to Caesarstone over the last year and we wish him the best of luck in his future endeavors,” Halperin said. “The board has deep and abiding confidence in the strength of the company’s brand, the power of its competitive position in its markets around the world, and the dedication of its management team and employees.

“I am looking forward to working closely with Yair and Caesarstone’s management team to ensure a seamless transition.”

Zilberman took the top job at Caesarstone after a particularly rocky time for the surfaces manufacturer. In the year before his arrival, the company went though a proxy fight with some shareholders questioning previous CEO Yos Shiran stock options and other issues. Caesarstone, traded on the NASDAQ (CSTE), also saw share values drop dramatically after a scathing analysis provided by short seller Spruce Point Capital Management.

During his term, Zilberman instituted several changes, including an organizational shakeup to get the company’s Richmond Hill, Ga., plant to stronger production levels. Caesarstone also began outsourcing production of some of its less-complex varieties to other surface manufacturers.

Before going to Caesarstone, Zilberman headed the Geneva-based company now known as Eden Springs, a leading provider of water and coffee services to European workplaces, for 14 years. 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.