Tomer Food Stock Plummets 14% on Return to Trading After Accounting Irregularities
Translated & summarized from Ynet by baba
Tomer Food's stock fell 14% on its first day back on the Tel Aviv Stock Exchange after a two-month suspension due to accounting irregularities. The company corrected its reported profits, leading to the suspension's lifting. Founder Doron Kimelov has stepped down as chairman, with Riviv Brookmair appointed as the new active chairman. The company, which imports and distributes over 800 food products, is implementing management changes to improve corporate governance.
The story in 5 lines · by baba
- Tomer Food's stock plunged 14% upon its return to trading after a two-month suspension.
- The suspension was due to accounting irregularities that inflated the company's reported profits.
- Founder Doron Kimelov has resigned as chairman but will remain CEO.
- Riviv Brookmair will take over as the active chairman starting November 1, 2026.
- The company corrected its financial statements, removing NIS 2-3 million from reported profit.
Tomer Food's stock price dropped 14% on Wednesday, facing a cold reception from investors upon its return to trading after a two-month suspension. The suspension, ordered by the Israel Securities Authority, was due to accounting irregularities in the company's inventory reporting, which had inflated its net profit. Following corrections, NIS 2-3 million were removed from the profit reported upon the company's stock market debut in May. To improve corporate governance, founder and owner Doron Kimelov has stepped down as chairman. The company announced that Riviv Brookmair, former CEO of Wissotzky and Mega chain, will become the active chairman on a 40% basis starting November 1, 2026. Brookmair also serves as deputy chairman of Extra Retail, the private retail arm of Alon Rimon Kful, controlled by Moty Ben Moshe. This move aims to strengthen the company's management structure and separate the roles of chairman and CEO. Guy Freeman recently joined as CFO and Deputy CEO. Kimelov will remain CEO but has reduced his monthly salary by NIS 15,000 until the end of 2027 and will forgo or halve annual bonuses for 2026 and 2027. Tomer Food entered the market in May through a reverse merger with a shell company, valued at NIS 82 million for its operations and NIS 100 million post-merger. The company imports, markets, stores, and distributes over 800 food products from international and local brands to 1,600 points of sale across Israel, operating a 20,000 sq meter logistics center in Bar Lev Industrial Park.
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