Bagir Group Ltd (LON:BAGR) chief executive Eran Itzhak will part company with the tailoring manufacturing innovator next month.
The Israel-headquartered group, which earlier this month was forced to extend its wait for a promised US$16.5mln investment from Chinese textiles giant Shandong Ruyi for a second time in a matter of weeks, has appointed Micha Ronen as acting CEO.
READ: Bagir shares slump as it awaits investment funds
Ronen, who worked at Bagir between 2004 and 2010 as chief financial officer, head of the USA business and lastly as deputy CEO, has recently been working as a partner at management consultant Moore.
Chair Tessa Laws thanked Itzhak for leading the refinancing of the business, re-focused the strategy and latterly led the proposed strategic partnership with Shandong Ruyi.
“At the same time I am delighted to welcome Micha back to the company," she said. "Micha is widely respected and well known throughout the business. He is an excellent appointment for the company and we look forward to confirming his position as permanent in the near future.”
Bagir shares fell to a new all-time low of 0.95p on Tuesday morning, before rallying later, up 9% to 1.2p by lunchtime.