October 13, 2014 | The board of the Israel Corporation, Israel’s largest holding company, announced that CFO Avisar Paz will be appointed to the position of CEO, taking Nir Gilad’s place. Paz will be replaced in the position of CFO by Natan Yalovsky. Gilad has been the chief executive officer of Israel Corp. for the past eight years, a period characterized by a notable drop in the company’s value, following the failure of electric car venture Better Place. Now, Gilad will assume a role in the international business of Israel Corp. and remain the chairman of Israel Chemicals, Israel Corps. main source of dividends and subsidiary. Israel Corp. has begun to take measures to found a spin-off company called Kenon, which will be traded on the NYSE together with Israel Chemicals.