Shiran Comes Back as Caesarstone CEO
MP MENASHE, Israel – Caesarstone will have a familiar face as the new head of the company, beginning next week.
The surfacing company announced that Yosef (Yos) Shiran, CEO from 2009-2016, will return to the position on March 16.
Current CEO Yuval Dagim, according to a corporate announcement, “will step down and assist in ensuring business continuity and a smooth transition.”
“I am honored to rejoin Caesarstone as its CEO,” Shiran said. “Caesarstone is currently facing many challenges, but I believe that the Company has significant assets and potential, highlighted by its supportive Board of Directors and loyal employee base.”
Shiran led Caesarstone to several significant milestones during his initial tenure as CEO, including construction of its U.S. factory in Richmond Hill, Ga., the consolidation of its North American distribution, and the public-stock listing of Caesarstone Ltd. (NASDAQ: CSTE).
“The Company is fortunate to welcome Yos back as CEO, who’s familiarity and achievements with the Company will provide unique value, agility, and insights as we restructure the company and aim to restore value to our shareholders,” said Dr. Ariel Halperin, Caesarstone’s chairman.
Shiran’s return as CEO comes as Caesarstone works its way through a slowdown in the overall worldwide hard-surfaces industry. The company announced last week that, while it recorded record revenue of $690.8 million in 2022, it also saw fourth-quarter business drop 6.8% from the same time in 2021.
Caesarstone also announced a $71.3 million write-off in a non-cash charge at the end last year.
Dagim last spoke for the company during a conference call with Wall Street analysts on March 1. Nothing in the call indicated any forthcoming change in company leadership.
“Over the past four and a half years, the Board supported Yuval as he led the Company through some of its most challenging years, while skillfully executing its business strategy,” Halperin added. “Caesarstone, its employees, shareholders and customers, are indebted to Yuval for his leadership.”
“It has been an honor to serve as CEO of Caesarstone over the past four and a half years,” Dagim noted in the announcement of Shiran’s return. “During my tenor, the company experienced significant milestones as well as many obstacles to surmount. I leave the company confident that Yos will successfully lead and navigate Caesarstone through its next strategic evolution.”
“I look forward to working with Yuval to ensure a smooth transition and renewing my collaboration with the talented Caesarstone employees in order to capitalize on the opportunities ahead,” Shiran said. “I am confident that as we work together, we can empower our global position as an industry leader with a reputation for innovation, quality and service while creating value for all our stakeholders.”
Prior to his return to Caesarstone, Shiran co-founded and served as CEO of SENSEQ Ltd. from September 2016, founder and CEO of Elight Ltd. from January 2020, and co-founder and chairman of the board of Inflow Ltd. from January 2021.
Casearstone stock closed at $4.95 and the end of trading today, up 5.77% from the previous day’s closing.
