Schwimmer, 40, served as CEO of Delta Israel for the pastseven years. He will replace Zeev Kalimi, who will finish his post at the endof October

Eran Azran, Oct. 2, 2018

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The board ofdirectors of Electra Consumer Products (3,980 + 0.68%), which is part of theElco Group, approved today (Tuesday) the appointment of Zvika Schwimmer as itsCEO.  Schwimmer will immediately take onhis position and replace Zeev Kalimi, who has held the position since 2014.

Schwimmer (40, married + 3) has served as the CEO of DeltaIsrael for the past seven years, and as part of his position, Schwimmer led thelaunching of the FIX underwear chain, established the Group's trading site and ledthe expansion of Delta's sales in Israel.

Prior to that, Schwimmer served for four years as CEO of theLaline chain, which is part of the Fox Group, and prior to that he managed FoxIsrael for several years.  He holds a BAin Business Administration from the Peres Center and an MBA from Bar-IlanUniversity.

Kalimi announced his resignation from Electra ConsumerProducts last July. Before his resignation, the State Attorney's Office decidedto file an indictment against Kalimi for insider information, subject to ahearing. Kalimi is accused of using insider information and trading with Osemshares prior to its merger with Nestle a few years ago. Kalimi's associatesclaimed that the resignation was unrelated to the decision of the StateAttorney's Office.

Since peaking in March 2017, Electra Consumer Goods fell by50% and NIS 800 million was erased from its value. The sharp decline isattributed mainly to the acquisition of Golan Telecom - which put Electra in aspin, in the background of heightened competition in the cellular sector. Otherreasons for the fall were a dispute with the Chinese phone manufacturer Huaweiand the slowdown in the air-conditioning sector.

Avi Israeli, a director of Electra Consumer Products, said:"Following the process of mapping external and internal candidates, theboard of directors of Electra Consumer Products decided to appoint Mr. ZvikaSchwimmer as CEO. The board of directors examined the appointment in light ofthe Group's future challenges, while defining the leadership which will enablethe company to continue to generate increased value for all of the company'sstakeholders. We wish Tzvika lots of success in carrying out his duties."

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