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Cellcom Israel CEO to resign

Nir Sztern intends to resign as CEO of Cellcom Israel Ltd. "in the near term" at a yet-to-be-determined date, according to a Dec. 19 statement.

The Israeli telecom operator's board named a committee to select Sztern's successor. Chairman Ami Erel will manage the CEO transition and oversee the company's operations during the period.

Cellcom's board also affirmed its commitment to the company's previously announced restructuring plan. The telco intends to cut its annual expenses by reducing its workforce and landline wholesale access fees as well as its expenses and payments to suppliers.