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Hazi Hinam CEO Orit Shalom-Bag Resigns After 26 Years Amid Ownership Dispute
Orit Shalom-Bag, the CEO of the Israeli retail chain Hazi Hinam and daughter of its late co-founder Zachi Shalom, has resigned after 26 years with the company. Her departure follows a severe dispute with co-owner Moti Kuperli, also referred to as Moty Korfeli, and his family.
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What happened
- 01Orit Shalom-Bag resigned as CEO of Hazi Hinam after 26 years due to a severe dispute with co-owner Moti Kuperli.
- 02Three months before resigning, Shalom-Bag and her mother filed a lawsuit against Kuperli alleging minority shareholder oppression and unilateral management.
- 03The Shalom family holds approximately one-third of the company's shares and is seeking to dissolve the partnership's real estate assets.
- 04The Kuperli family has rejected the allegations made in the lawsuit, calling them baseless.
- 05Hazi Hinam operates eight large retail branches in central Israel and the Shephelah region alongside substantial real estate holdings.
- 06The retail chain is valued at approximately 3.5 billion shekels including debt, with outstanding loans totaling about 828 million shekels.
- 07Investors including Harel Wiesel and Zvi Villiger have previously explored acquiring a stake in the company.
Three months prior to her resignation, Shalom-Bag and her mother filed a lawsuit against Kuperli and other shareholders. The lawsuit alleges minority shareholder oppression, unilateral actions, and prejudice of her rights in managing the company, which operates eight branches in central Israel and the Shephelah region alongside real estate holdings. The Kuperli family has rejected these claims as baseless.
Despite resigning from her executive role, Shalom-Bag retains approximately one-third of the company's shares. The ongoing legal battle is expected to lead to the dissolution of the decades-long partnership between the Shalom and Kuperli families. Potential resolutions include Shalom-Bag selling her stake to the Kuperli family, an IPO, or external investment.
Hazi Hinam has significant debt, with loans totaling approximately 828 million shekels, while the chain is valued at around 3.5 billion shekels including debt. Prominent investors, including Harel Wiesel and Zvi Villiger, have previously explored acquiring a stake in the company.
Summarized by baba from the reports of 3 newsrooms. Updated
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