Friday January 11, 12:40 PM
Global Brands says Yair Hasson to be executive chairman post-Belvia buy
LONDON (Thomson Financial) - Global Brands SA said Yair Hasson will be named its executive chairman and Roberto Avondo will be appointed executive vice-chairman upon completion of the purchase of a 51.96 pct stake in the company by Belvia Sarl.
Global Brands, which owns Domino's Pizza franchises in Switzerland, Luxembourg and Liechtenstein, also said Amir Hasson will be appointed acting CEO of the company, with the intention that he be appointed a director.
Upon completion of the transaction, Global Brands' executive chairman Yossi Moldawsky and chief executive Dov Lachovitz will resign as board members and executives, the company said. Moldawsky and Lachovitz will sell their entire shareholdings in the company.
The proposed new management plans to invest in improving the profitability of its current Domino Pizza outlets, expand the Domino chain and shift focus from company own stores to sub-franchise stores, Global Brands said.
On Dec 27, 2007, Global Brands said Russian businessman Alexandre Gaydamak's Luxembourg-based private company, Belvia Sarl, agreed to buy the 51.96 pct stake in the company for 5.62 mln usd.
Some of Global Brands' shareholders will sell a total of about 2.51 mln shares to Belvia at 2.24 usd each, the company said.
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