Magal Security Systems Reports Appointments of New Senior Executives

Published December 8th, 2009 - 02:12 GMT

YAHUD, Israel, December 7/PRNewswire-FirstCall/ --     Magal Security Systems Ltd.
(NASDAQ GMS: MAGS, TASE: MAGS)
today announced the appointment of Mr. Ilan Ovadia as its new Senior Vice
President, Chief Financial Officer and Secretary and Mr. Israel (Relik)
Shafir as its Senior Vice President of Business Development.

 

    Mr. Ovadia will replace Mr. Zev Morgenstern that has advised
the Company of his resignation for personal reasons, effective as of March 1,
2010. Mr. Morgenstern will stay on with the Company during the transition
period.

 

    Mr. Ovadia has over 15 years of experience in financial
management. Prior to his appointment at Magal, Mr. Ovadia served for four
years as Executive VP, Chief Financial Officer and VP Human Resources of
Haifa Chemicals Ltd., a world leading manufacturer and provider of a soluble
fertilizers to modern intensive agriculture, as well as producer of food
salts for the food industry. Mr. Ovadia also previously served as the CFO and
VP of Operations of Elgo Irrigation Ltd., an Israeli public company with
global operations which provides irrigation and fertilization products to the
DIY market. Prior to that, Mr. Ovadia served as Financial Manager of Shapir
Marine and Civil Engineering Ltd., an infrastructure and contracting company,
and as the Financial Manager of Hapach Metal Industries Ltd. a publicly
traded Israeli industrial and contracting company. Mr. Ovadia is a Certified
Public Accountant and has served as a Senior Portfolio Coordinator at
PriceWaterhouseCoopers. Mr. Ovadia has a BA in Accounting and Economics and
an MBA (magna cum laude), both from the Hebrew University in Jerusalem.

 

    Mr. Shafir joined Magal in April 2009 as Product Marketing
Manager of Command and Control Systems. Prior to his appointment at Magal,
Mr. Shafir headed a 'Digital City' project, integrating multilayered data
into a unified application which he developed. Before that Mr. Shafir was the
Founder and CEO of 4DM Technologies Ltd., a company which developed a novel
web application for Critical infrastructure Protection and Management,
incorporating data and operational management modules for complex facilities.
Mr. Shafir is also currently heading a commission appointed by the Minister
of Defense and the Minister of Transportation, to redesign civil aviation
safety procedural and control issues. Mr. Shafir is a general (ret.) of the
Israeli Air Force, where he served as a fighter pilot, the Commander of the
Israeli Air Force Flight Academy, as well as the Commander of the largest Air
Force base in Israel. Mr. Shafir majored in Mathematics and Philosophy at Bar
Ilan University, and has an MBA from the US Naval Post Graduate School in
Monterey, California.

 

    Eitan Livneh, President and CEO of Magal, stated, "We wish Zev
well, and thank him for his contribution, loyalty and efforts during the
transition period over the past year. I am confident that the joining of
Relik and Ilan to our management team will strongly contribute to Magal's
ability to meet its challenges and to realize its full growth potential."

 


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