Plaza Centers N.V. ('Plaza' / 'Company' /'Group'), a leading emerging markets property developer, announces that Ran Shtarkman, its President and Chief Executive Officer, will step down from his position as Joint Chief Executive Officer of Elbit Imaging Ltd., Plaza's parent company, with immediate effect.
Shtarkman will continue to serve as President and Chief Executive Officer of Plaza.
Shtarkman was appointed as Joint Chief Executive Officer of Elbit in January 2010 and oversaw the successful completion of Plaza and Elbit's joint venture investment in the U.S market, in which 47 shopping centers were sold to Blackstone and DDR in a transaction valued at $1.4 billion (approx. 1.1 billion) which provided a return on equity of nearly 50%, and the completion of key projects in India.
Source: Plaza Centers N.V.