Tefron Ltd. (OTC:TFRFF; TASE:TFRN), a leading producer of seamless intimate apparel and engineered-for-performance (EFPTM) active wear, today announced that Mr. Adi Livneh, who has served as the Company's CEO
since September 1, 2008, has notified the Company of his decision to resign
from his position as CEO of Tefron. Mr. Livneh resigned for personal reasons.
Mr. Livneh's resignation will become effective upon the earlier to occur of
the appointment of a new CEO or February 15, 2012.
The Board of Directors would like to thank Mr. Livneh for his
contribution to the Company, and wishes him luck in the future.
Establishment of Search Committee for Appointment of New CEO
The Company further announced that the Board of Directors has
established a search committee to nominate a new CEO. The search committee is
comprised of the Chairman of the Board of Directors and three directors, two
of whom are the Company's External Directors. The search committee is
expected to present its recommendations to the Board of Directors in the near
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