developing· Economy· Updated
Tomer Food Stock Plummets 14% on Return to Trading After Accounting Irregularities
The stock of food importer Tomer resumed trading on the Tel Aviv Stock Exchange on Wednesday, following a nearly two-month suspension triggered by financial irregularities and stock manipulation. Upon the resumption of trading, the company's stock fell 15% at the market open.
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What happened
- 01Tomer's stock resumed trading on Wednesday after a two-month suspension, falling 15% at the market open.
- 02Controlling shareholder Doron Kimelov was removed as chairman after an investigation found he artificially inflated inventory and profits.
- 03Raviv Brookmeyer, former CEO of Wissotzky, Golf, and Mega, was appointed as Tomer's new active chairman.
- 04Doron Kimelov will remain CEO but accepted a NIS 15,000 monthly pay cut and waived future bonuses.
- 05The financial crisis was triggered by accounting irregularities that surfaced after the resignation of CFO Avital Perlstein-Cherny.
- 06Revised financial statements published by the company erased its previously reported net profits.
- 07Guy Freeman was recently appointed as the company's new CFO and Deputy CEO to oversee compliance.
An investigation by an independent review committee revealed that controlling shareholder Doron Kimelov had artificially inflated the company's inventory, profits, and revenue. The crisis originally surfaced following the resignation of CFO Avital Perlstein-Cherny, also referred to as Avital Cherny, shortly after her appointment. Revised financial statements subsequently erased the company's previously reported net profits.
To restore investor confidence, Tomer separated its leadership roles, removing Kimelov from his position as chairman. Raviv Brookmeyer, also referred to as Riviv Brokmeier or Riviv Brokheimer, was appointed as the new active chairman. Brookmeyer, who previously served as CEO of Wissotzky, Golf, and Mega, will hold a 40% position.
Kimelov will remain the company's CEO but has agreed to a monthly salary reduction of NIS 15,000 until the end of 2027. He will also waive his entire annual bonus for 2026 and half of his bonus for 2027. These changes follow the recent appointment of Guy Freeman as CFO and Deputy CEO.
Summarized by baba from the reports of 3 newsrooms. Updated
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