Magal Announces Appointment of Eitan Livneh as President and CEO
June 03 2009 - 6:56AM
PR Newswire (US)
YAHUD, Israel, June 3 /PRNewswire-FirstCall/ -- Magal Security
Systems, Ltd. (NASDAQ GM: MAGS; TASE: MAGS) today announced that
Mr. Eitan Livneh has been appointed by the Board of Directors as
President and CEO, commencing August 2, 2009. Mr. Livneh will
replace Mr. Yoav Stern, who is working in the capacity of Acting
President and CEO of Magal during the interim period following the
departure of the Company's former CEO. Mr. Livneh joins Magal from
Tadiran Telecom Ltd., a leading Israel-based telecommunications
company, where as President and CEO, he successfully shifted the
focus of the company to meet market and customer needs, and
improved its profitability. He was previously President and CEO of
Elgo Irrigation, and prior to that, a general manager at Packer
Plada Group. Mr. Livneh also has many years of experience in the
defense industry. From 1989 to 1994, Mr. Livneh was VP Marketing
and Assistant to the President of Elisra Electronic Systems, a
world leading company in the field of electronic warfare, as well
as a major supplier to the Israeli Defense Forces. Mr. Livneh also
spent 12 years with the Israeli Navy, achieving the rank of
Commander. Mr. Livneh holds a B.A. degree in Economic and Business
Administration from Bar-Ilan University in Tel Aviv, Israel.
Magal's Chairman of the Board, Mr. Jacob Perry, commented, "We look
forward to having Eitan join us and lead our exceptional team to
the next stage of our development. Eitan brings many years of
managerial experience and knows our industry very well. He is a
strong fit for Magal's corporate culture and I am convinced that he
will be able to bring out the best in our employees and our Company
for many years to come." Mr. Yoav Stern, Acting President and CEO
of Magal, commented, "After the changes we have made in
Magal-Senstar over the past few months, I believe the Company has
in place a management team with the necessary experience and
capabilities for increasing shareholder value over the long-term.
Future success is a matter of continued focus and commitment to
this goal, which I know exists within Magal and Senstar's
personnel. I leave Magal with a renewed corporate vision and
enhanced workforce, which is well positioned to tackle the many
challenges that still lie ahead. I wish Eitan much success in his
new role, and I stand ready to assist and support him as
necessary." Mr. Perry added, "I would like to thank Yoav for his
contribution to Magal over the past eight months, helping us
transition through a difficult period in the industry and global
economy. In only a short period, he has enabled us to put in place
a long-term vision and strategy, which will bring Magal to the next
stage of its emergence as a leading and globally focused defense
company. Yoav's positive contribution in only a short time will
remain ingrained within Magal, long into the future. I wish Yoav
well and much success in his future endeavors." About Magal
Security Systems Ltd.: Magal S3i is a leading international
solutions provider of Safety, Security, Site Management and
Intelligence gathering and compilation. Based on 35 years of
experience and interaction with customers, the company has
developed a unique set of solutions and products, optimized for
perimeter, outdoor and general security applications. Magal S3i's
turnkey solutions are typically integrated and managed by a single
sophisticated modular command and control software, supported by
expert systems for real-time decision support. The company's
portfolio of critical infrastructure and site protection
technologies includes a variety of smart barriers and fences, fence
mounted detectors, virtual gates, buried and concealed detection
systems and a sophisticated protection package for sub-surface
intrusion. A world innovator in the development of CCTV, IVA and
motion detection technology for outdoor operation, Magal S3i has
successfully installed customized solutions and products in more
than 75 countries worldwide. This press release contains
forward-looking statements, which are subject to risks and
uncertainties. Such statements are based on assumptions and
expectations which may not be realized and are inherently subject
to risks and uncertainties, many of which cannot be predicted with
accuracy and some of which might not even be anticipated. Future
events and actual results, financial and otherwise, may differ from
the results discussed in the forward-looking statements. A number
of these risks and other factors that might cause differences, some
of which could be material, along with additional discussion of
forward-looking statements, are set forth in the Company's Annual
Report on Form 20-F filed with the Securities and Exchange
Commission. For more information: Magal Security Systems Ltd. Yoav
Stern Tel: +972-3-539-1421 Cell: +972-54-311-3110 Assistant: Ms.
Elisheva Almog E-mail: Web: http://www.magal-ssl.com/ GK Investor
Relations Kenny Green/Ehud Helft Tel: (US) +1-646-201-9246 Int'l
dial: +972-3-607-4717 E-mail: DATASOURCE: Magal Security Systems
Ltd CONTACT: For more information: Magal Security Systems Ltd. Yoav
Stern, Tel: +972-3-539-1421, Cell: +972-54-311-3110, Assistant: Ms.
Elisheva Almog, E-mail: ; GK Investor Relations, Kenny Green/Ehud
Helft, Tel: (US) +1-646-201-9246, Int'l dial: +972-3-607-4717,
E-mail:
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