Tomer Food Returns to Trading After Suspension, CEO Takes Pay Cut
Translated & summarized from Calcalist by baba
Tomer Food's stock returns to trading after a two-month suspension due to accounting irregularities. Founder Doron Kimelov steps down as chairman but remains CEO, taking a significant pay cut. Riviv Brokmeier is appointed as the new active chairman. The company's crisis stemmed from inventory valuation issues and the subsequent resignation of its CFO, leading to revised financial statements and a trading halt.
The story in 5 lines · by baba
- Tomer Food's stock resumes trading after a two-month suspension due to inventory valuation issues.
- Founder Doron Kimelov remains CEO but takes a NIS 15,000 monthly pay cut and forgoes bonuses.
- Riviv Brokmeier, former CEO of Wissotzky, is appointed as the new active chairman.
- The company's crisis was triggered by accounting irregularities and the resignation of its CFO.
- Revised financial statements erased previously reported net profit, impacting the stock price.
Tomer Food's stock will resume trading on the Tel Aviv Stock Exchange this morning after a two-month suspension. In an effort to regain investor confidence, the company has separated the roles of chairman and CEO, previously held by founder Doron Kimelov. Riviv Brokmeier, former CEO of Wissotzky and deputy chairman of Extra Retail, has been appointed as the active chairman. Brokmeier's annual compensation will be NIS 887,000 for a 40% position, pending shareholder approval.
Kimelov, who an independent review committee found interfered with inventory valuations that led to the company's crisis, will remain CEO. He has agreed to a NIS 15,000 monthly salary reduction until the end of 2027, and will forgo his 2026 annual bonus and half of his 2027 bonus. Kimelov currently earns a gross monthly salary of NIS 98,000, with bonuses tied to profit targets.
Brokmeier's appointment, effective in about a week and a half, follows the recent appointment of Guy Freeman as CFO and Deputy CEO, with compliance reporting to him. These changes come after the crisis triggered by the resignation of former CFO Avital Cherny shortly after her appointment, due to accounting irregularities in the inventory of its subsidiary, Tomer Food Import and Marketing. These issues could significantly impact the stock price.
The resignation not only led to the trading suspension of the company's stock, which only went public in May through a SPAC merger, but also to the formation of an independent committee. This committee is tasked with correcting the 2025 financial statements, which erased the net profit previously presented in the prospectus, and the company also delayed its first-half financial reports by six weeks.
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