Food Company Appoints New CFO Amid Inventory Irregularities Probe

Tomer Food Industries announced the appointment of Guy Freeman as its new Chief Financial Officer and Deputy CEO. Freeman's official start is contingent on the approval and signing of financial statements for June 30, 2026, and potentially revised 2025 statements.

This appointment occurs as the company faces an ongoing investigation into its inventory management and past financial reporting. Preliminary findings revealed discrepancies between the subsidiary's inventory cost data and the amounts reported in financial statements, suggesting prior reports may need restatement. The probe also indicated alleged interference by the controlling shareholder, CEO, and Chairman Doron Kimelblit, and individuals reporting to him, in determining inventory values.

The company emphasized that the investigation is ongoing and not yet concluded. The audit committee has resolved to strengthen oversight mechanisms and review the division of responsibilities within the company. The investigation has expanded to include other areas, such as additional inventory-related matters, accrued income, and the disclosure and recording of certain related-party transactions.

Freeman, a certified public accountant with over 20 years of financial management experience in public and private companies, particularly in the food, trade, and retail sectors, is already involved in the oversight processes as a representative of the audit committee. His prior roles include CFO positions at Ten Petroleum, Cham Food Products, and Daliah, as well as financial management roles at Daliah Retail and Tiv Ta'am Retail. He also served as Deputy CFO of the dairy conglomerate Tnuva.

Tomer Food Industries, which imports, markets, stores, and distributes food products to approximately 1,600 points of sale across Israel, stated its commitment to a thorough investigation. The company reiterated that the probes are continuing with the help of appointed professional and independent parties and that it will continue to act responsibly and transparently, reporting further developments as required.