Electra Consumer CEO Quits as Stock Price Plunges

Husband of Compugen executive accused of using insider information

Sivan Faraj

Yaki Vadmani, who ran Electra Consumer Products with a heavy hand for the last seven years, is stepping down, the company said in a statement to the Tel Aviv Stock Exchange on Thursday. The company gave no explanation for Vadmani’s exit, but its stock has plunged in the week since it reported disappointing fourth-quarter results. Electra Consumer, a unit of Elco Holdings, reported that revenues fell 6% from a year ago in the quarter, to 595 million shekels ($171 million), leaving it with a loss of 29.1 million shekels. Electra has shed some 200 million shekels of market value since last week, to 677 million shekels. On Thursday, its shares took another dip, dropping 4% to 30.10 shekels. (Michael Rochvarger)

Husband of Compugen executive accused of using insider information

Aryeh Czaczkes, husband of Dikla Czaczkes Axselbrad, chief financial officer of the biotechnology company Compugen, provided friends and family members with insider information on the company, the Israel Securities Authority alleges. The ISA told the Tel Aviv Magistrate’s Court that Aryeh Czaczkes informed friends and family of an impending collaboration agreement between his wife’s company and Bayer HealthCare that enabled them to earn some 760,000 shekels ($219,000) in profits. “They used the information to buy shares worth 1.4 million shekels several days before the official announcement. The buying by friends and relatives was a major factor in trading volume,” the ISA said. Aryeh Czaczkes’ attorney, Yael Grossman, said he denied the accusations. (Jasmin Gueta)

Tel Aviv shares higher as bonds rebound

Tel Aviv shares passed a milestone Thursday, with the TA-100 index breaking the 1,300 mark. The TA-100 finished 0.1% higher at 1,300.56 points while the benchmark TA-25 added 0.2% to finish at 1,417.77 on turnover of 1.43 billion shekels ($411 million). For the week, the TA-25 added 1.4% to bring its year-to-date gain to 6.6%. The TA-100 advanced 1.5% for the week and 7.7% for the year so far. Among the biggest gainers, Spacecom, the operator of the Amos satellites, jumped 4.7% to close at 66.95 shekels and software maker Magic added 4.4% to 30.60 shekels. Allot Communications ended up 2.2% to 50.02 after it said on Thursday it had received a $5 million order from an unnamed telecom company in the Europe-Middle East-North Africa region. In the fixed-income markets, bond prices turned higher after five days of declines. The government’s 10-year shekel bond rose 0.3% while its inflation-index Galil bond due in 2023 gained 0.23%. (Shelly Appelberg)