PETACH TIKVA, Israel, Nov. 24, 2015 PRNewswire/ -- Several months after raising 90 million USD from China-based Sichuan Hebang in exchange for a 51% equity stake, Stockton is announcing changes in its top management.
As part of the changes, Guy Elitzur, the company's CFO & COO will be appointed to the position of CEO as of 1.1.2016.
Ziv Tirosh, who, together with his family holds the remaining 49% of the Stockton Group equity, will leave the position of CEO to lead two strategic undertakings from his Board of Directors' position: the company's preparations for a Nasdaq IPO, as well the company's new focus on M&A activity, with the intention of accelerating growth through the acquisition of companies and technologies in the biocontrol arena, and their subsequent addition to the company's bio product portfolio.
Guy Elitzur is a Certified Public Accountant who also holds a LL.M. (Law). Guy has been in his current position for the past 4 years. Previous positions include CFO of Angioslide, in addition to several financial assignments at Gilat Satellites, a NASDAQ traded company.
Stockton was founded by Peter Tirosh 20 years ago, and until 1.1.2016 will have been managed by Ziv Tirosh. The Stockton Group developed Timorex Gold, its first commercial biopesticide, which today is being successfully sold in 20 countries for use with a wide range of crops including rice, coffee, grapes, tomatoes and bananas.
According to Stockton, the changes are intended to support the accelerated growth plans following Sichuan Hebang's investment, as well as supporting the shareholders' vision of transforming Stockton into a world leader in the area of biocontrol.
Lately the company has obtained regulatory approvals for Timorex Gold in the USA. The investment will support both an accelerated penetration into American and other markets, together with the development of additional commercial biocontrol products. Stockton's R&D includes in-house projects, as well as collaborations with research and academic institutions around the world.
Ziv Tirosh states that "now, after the investment, this top management change is necessary, as it will allow us to better focus management resources accordingly for accelerated growth in the coming years. It is clear to us that Guy is the right person for the CEO position at this time. He'll do a great job."
Guy Elitzur added, "I want to thank the company's shareholders for the trust in offering me the CEO position. I am certain that Stockton will continue being a world leader in the field of biopesticides and their integration into conventional spraying programs in a way that will continue positioning them a sustainable component in future global agriculture."
According to the investment agreement, Stockton will continue being headquartered in Israel with Sichuan Hebang's controlling shareholder, Mr. He Zhenggang, acting as its Chairman.
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SOURCE Stockton Israel Ltd.