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Cellcom Falls After Naming Sztern to Replace Shapira as CEO

Cellcom Israel Ltd. (CEL) declined after Chief Executive Officer Amos Shapira resigned today after leading the company for six years. Analyst Ori Licht called the move a “real earthquake” for the company.

Shapira will be replaced by Nir Sztern, who was CEO of Cellcom’s Netvision Ltd. Internet unit, the country’s largest mobile-phone company said in a PR Newswire statement.

Shares fell 1.9 percent to 78.49 shekels at 4:26 p.m., the lowest close since Oct. 16.

Shapira is stepping down at a time when the government is introducing more price regulation and boosting competition in the wireless market, moves that have sent the TA-Com index, which comprises the country’s telecommunications companies, tumbling 24 percent in the past six months. The benchmark TA-25 index has fallen 14 percent in that period.

“Shapira was a dominating, controlling force in the company and other personnel changes wouldn’t be unexpected,” said Licht, an analyst at the Tel Aviv-based I.B.I.-Israel Brokerage Investment.

To contact the reporter on this story: Gwen Ackerman in Jerusalem at gackerman@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.

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Key Rates

  • Mortgage
  • Home Equity
  • Savings
  • Auto
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Today’s national average mortgage rates. Rates may include points.
Type Today 1 Mo
30 Year Fixed Jumbo 4.29% 3.96%
30 Year Fixed 4.03% 3.53%
15 Year Fixed 3.18% 2.71%
10 Year Fixed 3.12% 2.83%
30 Year Fixed Refi 4.01% 3.51%
15 Year Fixed Refi 3.15% 2.71%
5/1 ARM 2.79% 2.59%
5/1 ARM Refi 2.79% 2.59%
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Source: Bankrate.com

Today’s average home equity rates nationwide.
Type Today 1 Mo
$30K HELOC 5.35% 5.34%
$50K HELOC 4.54% 4.56%
$75K HELOC 4.54% 4.56%
$100K HELOC 4.25% 4.25%
$30K Home Equity Loan 5.94% 6.01%
$50K Home Equity Loan 6.00% 6.05%
$75K Home Equity Loan 5.96% 6.01%
$100K Home Equity Loan 5.82% 5.87%
View rates in your area »

Source: Bankrate.com

Today’s average savings rates nationwide.
Type Today 1 Mo
5 Year CD 1.24% 1.19%
2 Year CD 0.70% 0.67%
1 Year CD 0.56% 0.54%
MMA $10K+ 0.46% 0.50%
MMA $50K+ 0.68% 0.70%
MMA Savings Jumbo 0.58% 0.60%
View rates in your area »

Source: Bankrate.com

Today’s average auto loan rates nationwide.
Type Today 1 Mo
60 Months Used Car 2.72% 3.17%
48 Months Used Car 2.70% 3.10%
36 Months Used Car 2.76% 2.93%
72 Months New Car 2.50% 2.43%
60 Months New Car 2.65% 2.54%
48 Months New Car 2.58% 2.45%
60 Months Auto Refi 4.06% 4.23%
36 Months Auto Refi 3.57% 3.61%
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Source: Bankrate.com

Today’s average credit card rates nationwide.
Type Today 1 Mo
Standard Variable 14.12% 14.12%
Standard Fixed 13.23% 13.23%
Gold Variable 12.70% 12.70%
Gold Fixed 11.99% 11.99%
Platinum Variable 15.54% 15.53%
Platinum Fixed 12.70% 12.70%
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Source: Bankrate.com