Rushinek will transition to the role of Chairman of the company, being replaced by Amir Yaniv, who has been serving as the company’s VP of Business Development; During Rushinek’s time as CEO the company’s stock grew 14-fold.
Hezi Sternlicht January 2, 2022 9:57 a.m.
CEO of Electra Real Estate for the past seven years, Gil Rushinek, is stepping down from his role to become an active chairman of the company, as reported today (Sunday) by the company managed by Elco.
Amir Yaniv, who is currently the company’s VP of Business Development, has been appointed as CEO. The appointments came into force as of the beginning of the year, i.e. yesterday. Alongside this, Avi Israel will no longer serve as chairman of the company and will continue as a director.
Electra Real Estate noted that the decision to make these appointments was taken as a result of the company’s growing scope of activity and with a view to the long term. Under Rushinek, Electra Real Estate turned its focus to investments in residential complexes in the US. This was done by setting up investment funds to raise funds from private investors and purchase residential complexes. Electra Real Estate itself benefits from a number of sources of income resulting from the management of said investment funds, including regular management fees and carried interest.
Last year, its stock increased by over 147%, and since Rushinek began as CEO in January 2015, the stock saw a yield of 1,340%. The company’s current market value stands at 3.53 billion shekels.
Upcoming CEO Yaniv has worked for Electra Real Estate for around nine years. During the last six years he has served as the company’s VP of Business Development. Yaniv has a bachelor’s degree in Economics and Business Management and a master’s in Business Management from Bar-Ilan University. Rushinek has been employed by the company for close to 16 years.
Electra Real Estate currently manages four active investment funds, managing properties on a scale of approximately 2.7 billion dollars. The company has recently announced that it is launching a fourth fund for investment in US residential complexes, and also working on setting up a fund for investment in offices in the UK.