Carrefour Israel Overhauls Management Ahead of Stock Exchange Listing

Carrefour Israel is undergoing significant management changes and discontinuing its "State Basket" price initiative ahead of its planned IPO on the Tel Aviv Stock Exchange in November. Michael Luboshitz, who recently stepped down as CEO, will move to a business development advisor role. This shift replaces a previous plan for him to become co-chairman alongside Zvika Schwimmer. The company is also seeing other leadership adjustments, including the appointment of Dani Bezalel as part of the management team under new CEO Inbal Harson, who took over in August. Rami Shtivi has replaced Yaniv Cohen as VP of Trade, having previously held the same position at Yohananof.

These changes follow earlier departures, such as the head of information systems and the VP of economics and control, signaling a broader management restructuring. The "State Basket" initiative, a collaboration with the Ministry of Economy aimed at lowering prices on about 100 products in exchange for a NIS 25 million government advertising campaign, will conclude on October 14. Launched in April, the program reportedly boosted customer acquisition but negatively impacted revenues and profitability, leading to the decision not to extend it.

Carrefour Israel, launched in May 2023 after converting Yeinot Bitan and Mega stores, incurred a loss of approximately NIS 190 million in its first year. However, subsequent efficiency measures, including store sales and staff reductions, led to a net profit of NIS 15.5 million in 2025. Bank debt has also significantly decreased from NIS 507 million in 2023 to about NIS 185 million as of June this year.

The upcoming IPO is expected to raise NIS 250-300 million at a company valuation of around NIS 800 million. Electra Consumer Products, currently holding approximately 49.5% of Carrefour Israel, plans to sell at least 25% of its shares. The structure of the offering may result in Carrefour Israel having no clear controlling shareholder, due to Israeli concentration of ownership laws.