Rami Levy is the founder and CEO of discount supermarket chain Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. (TASE: RMLI) has appointed his daughter Yafit Attias as joint CEO. The company’s board of directors approved the appointment, which is now subject to approval by the annual shareholders’ meeting, and he is expected to become CEO on January 1, 2025.
Attias will focus on the supermarket chain’s loyalty club, marketing, advertising, operations and special projects, the company said. Attias started working for his father’s company 25 years ago and has held a number of positions and has been VP marketing for the last ten years.
Rami Levy said: “Yafit has been actively involved in the management of the group for many years, during which time he has strengthened his management capabilities and skills. The management and I are pleased to appoint him as the company’s CEO. The group and he will help lead the company’s business and marketing development. will.”
He added: “Yafit assumed the position of group VP marketing and developed our loyalty club, marketing department and relationships with suppliers on the sales floor. Yafit has been a full partner in logistics, operations, strategy formulation for the company’s private sector, branding, building the company’s new marketing plan and more. his activities in the field of marketing have greatly contributed to the recognition of the Rami Levy brand in every household in Israel, and I am sure that together we will continue to implement the strategy and deepen and expand the group’s areas of activity.”
Attias said, “I am proud to be a leader in the retail market and to be part of a chain that has earned the trust of our customers year after year as the cheapest basket in the country. I thank the management that has given me the responsibility to continue to develop the chain and take it to new heights in a competitive market. to me.”
Rami Levy told Globes: “After he studied and acquired all the knowledge, the time has come. The business is developing and growing. We will divide the work between us, each will give me time to develop in certain areas. In other directions, to develop existing companies.” and to deploy more companies, businesses and assets, the company is not just food retail, and we will continue to develop Good Pharm, Communications and Cofix to serve customers.”
“Heir is a difficult word because that’s my father”
Attias, who holds a BA, MBA and law degree, was groomed from the start to become CEO, and Levy trained him to take on the role alongside him in recent years. When he was listed by Globes as one of the most promising young Israelis of 2018, he told G magazine: “Heir is a difficult word because this is my father.” But I know that my father trusts me and my judgment a lot. follows my activities and knows that I am familiar with all departments and all employees.”
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“Of course, when the moment comes, if I feel I’m not ready yet, I won’t accept it. I’m still learning. It’s a complicated business, of course, when it comes to a stock company. But I’m pushing here, and my dad is pushing me there, helping me, working with me financially I sit in the reports and walk between the branches and meet my managers stock market world.
Relatively poor financial results
Rami Levy’s financial statements for the second quarter and first half of 2024, published last month, showed relatively weak results for the chain, despite improved profits for its rivals, which benefited from the suspension of overseas flights and increased consumption due to the war. by local customers as well as price increases in the industry.
In the second quarter of 2024, Rami Levy’s operating profit was NIS 94 million, down almost 22% compared to the same quarter last year. The chain attributed the drop in profits to Easter discount offers (which took place at the end of April this year and in the first quarter last year) as well as the war, which caused a drop in sales. at branches in the north of the country and the chain’s decision to reduce online sales due to labor shortages. Rami Levy’s most hit goals were in Kiryat Shmona, Akko and Nahariya.
The chain’s revenue rose 0.7% to NIS 3.58 billion in the first half of 2024, while operating profit rose 10% to NIS 183 million. Net profit in the first half of 2024 was 130 million NIS, up 22% from 108 million NIS in the first half of 2023.
Globes, Israel business news – en.globes.co.il – published on September 10, 2024.
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