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| Magal Security Systems announces the appointment of new CEO |
Mr. Livneh joins Magal from Tadiran Telecom Ltd., a leading Israel-based telecommunications company, where as President and CEO, he successfully shifted the focus of the company to meet market and customer needs, and improved its profitability. He was previously President and CEO of Elgo Irrigation, and prior to that, a general manager at Packer Plada Group.
Mr. Livneh also has many years of experience in the defense industry. From 1989 to 1994, Mr. Livneh was VP Marketing and Assistant to the President of Elisra Electronic Systems, a world leading company in the field of electronic warfare, as well as a major supplier to the Israeli Defense Forces. Mr. Livneh also spent 12 years with the Israeli Navy, achieving the rank of Commander.
Mr. Livneh holds a B.A. degree in Economic and Business Administration from Bar-Ilan University in Tel Aviv, Israel.
Magal's Chairman of the Board, Mr. Jacob Perry, commented, "We look forward to having Eitan join us and lead our exceptional team to the next stage of our development. Eitan brings many years of managerial experience and knows our industry very well. He is a strong fit for Magal?s corporate culture and I am convinced that he will be able to bring out the best in our employees and our Company for many years to come."
Mr. Yoav Stern, Acting President and CEO of Magal, commented, "After the changes we have made in Magal-Senstar over the past few months, I believe the Company has in place a management team with the necessary experience and capabilities for increasing shareholder value over the long-term. Future success is a matter of continued focus and commitment to this goal, which I know exists within Magal and Senstar's personnel. I leave Magal with a renewed corporate vision and enhanced workforce, which is well positioned to tackle the many challenges that still lie ahead. I wish Eitan much success in his new role, and I stand ready to assist and support him as necessary."
Mr. Perry added, "I would like to thank Yoav for his contribution to Magal over the past eight months, helping us transition through a difficult period in the industry and global economy. In only a short period, he has enabled us to put in place a long-term vision and strategy, which will bring Magal to the next stage of its emergence as a leading and globally focused defense company. Yoav's positive contribution in only a short time will remain ingrained within Magal, long into the future. I wish Yoav well and much success in his future endeavors."
