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Yoram Bronicki named Ormat Technologies president
(Israel Business Arena Via Thomson Dialog NewsEdge) Yoram Bronicki has been appointed president of Ormat Technologies Inc. (NYSE: ORA), a subsidiary of Ormat Industries Ltd. (TASE: ORMT). He will continue to serve as COO of the company and as a director in its subsidiary Opti Canada Inc. (TSX:OPC). Yoram Bronicki is the son of Yehudit (Dita) Bronicki, the CEO of both Ormat Industries and Ormat Technologies, and Lucien Bronicki, the companies' chairman. Yoram is taking over as president from Yehudit Bronicki, who will continue to serve as CEO of the company.
The move is part of the Bronicki's struggle for control of the company against Chaim Katzman, who has been buying up Ormat Industries' shares through Gazit Inc. (TASE: GZIT).
Market sources had not previously considered Yoram Bronicki as the natural heir of Ormat because he was not sure that he wanted to lead the company following his parents' retirement. Market rumors have been trying to predict Lucien and Yehudit Bronicki's successor, with the favorite being Ormat Industries VP business development Hezi Ram.
Sources said that Yoram Bronicki finally decided that he wanted to take over Ormat. The decision made it possible for his parents to appoint the ultimate loyalist as heir at a critical time for the company - the struggle for control against Katzman.
Yoram Bronicki has a somewhat different perspective. He told Globes, This is definitely something that I am very pleased to do. My situation may be special, compared with other people, but it's no different than any other person in a management position who expects promotion.
Published by Globes [online], Israel business news - www.globes.co.il - on September 20, 2007
Copyright of Globes Publisher Itonut (1983) Ltd. 2007
Copyright 2007 Globes, Source: The Financial Times Limited
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