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Change - Announcement Of Appointment Of CEO

BackJan 24, 2017
Announcement Title Change - Announcement of Appointment
Date & Time of Broadcast Jan 24, 2017 20:52
Status New
Announcement Sub Title CEO Appointment
Announcement Reference SG170124OTHR8SQ1
Submitted By (Co./ Ind. Name) Amir J. Zolty
Designation Company Secretary
Effective Date and Time of the event 24/01/2017 20:31:00
Description (Please provide a detailed description of the event in the box below) Announcement of the appointment of Mr. David Block as the Company's CEO, effective 1 May, 2017.
Additional Details
Date Of Appointment 01/05/2017
Name Of Person David Sydney Block
Age 42
Country Of Principal Residence Israel
The Board's comments on this appointment (including rationale, selection criteria, and the search and nomination process) Mr. Block has served in numerous positions in Sarine Technologies and its various subsidiaries, as noted below. In his various roles in India and Israel, he was instrumental in the successful rollout of the GalaxyTM family of inclusion mapping systems and the definition and initial positioning of the Sarine ProfileTM and its components - the Sarine LightTM and Sarine LoupeTM. He has been the Group's Deputy CEO and Chief Operating Office (COO) for the past five years, and has been groomed as Mr. Levami's successor during this period. It was therefore natural to elevate Mr. Block to the position of CEO, following Mr. Levami's stated desire to step down from managing the Group after eight years (2009 2016), during which the Group experienced dramatic growth and expansion.
Whether appointment is executive, and if so, the area of responsibility Yes, CEO
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) CEO
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries None
Conflict of interests (including any competing business) None
Working experience and occupation(s) during the past 10 years Mr. Block has been the Group's Deputy CEO and Chief Operating Officer (COO) since 2012, with added responsibilities for worldwide operations and customer care, in addition to being responsible for overseeing the Group's worldwide sales, including the network of subsidiaries and distributors / resellers. He is also a Director in the Group's subsidiaries, Galatea, Sarin India, Sarine Color Technologies, Sarine Polishing Technologies, Sarine Holdings USA, Sarine North America, Sarine IGT H, Sarine IGT I and Sarine IGT JKL. Prior to this appointment, from June 2009, Mr. Block was Deputy CEO and VP Sales responsible for overseeing the Group s worldwide sales, including the network of distributors and subsidiaries. Prior to that appointment, from January 2006, Mr. Block was the CEO of Sarin India in charge of the overall management of the operations and business in Sarin India, responsible for over 70% of the Group's revenues and the supervision of over 200 employees. Before being assigned to Sarin India, Mr. Block was a Product Manager responsible for all the products aimed at the diamond manufacturing market, from 2001. Mr. Block holds an MBA from the Kellog-Recanati School of Business, a joint degree from Northwestern University in the USA and Tel Aviv University, and a Bachelor s degree in Computer Science from the Tel Aviv-Jaffa Academic College in Israel.
Undertaking submitted to the listed issuer in the form of Appendix 7.7 (Listing Rule 704(7)) Or Appendix 7H (Catalist Rule 704(6)) Yes
Shareholding interest in the listed issuer and its subsidiaries? Yes
Shareholding Details Mr. Block is deemed a shareholder of the Company by virtue of his indirect ownership of 552,656 shares held on his behalf by Eyal Khayat, the Company's 2005 Share Option Plan 2005 trustee.
# These fields are not applicable for announcements of appointments pursuant to Listing Rule 704 (9) or Catalist Rule 704 (8).
Past (for the last 5 years) See above - relating to Sarine Technologies wholly owned subsidiaries.
Present See above - relating to Sarine Technologies wholly owned subsidiaries.
(a) Whether at any time during the last 10 years, an application or a petition under any bankruptcy law of any jurisdiction was filed against him or against a partnership of which he was a partner at the time when he was a partner or at any time within 2 years from the date he ceased to be a partner? No
(b) Whether at any time during the last 10 years, an application or a petition under any law of any jurisdiction was filed against an entity (not being a partnership) of which he was a director or an equivalent person or a key executive, at the time when he was a director or an equivalent person or a key executive of that entity or at any time within 2 years from the date he ceased to be a director or an equivalent person or a key executive of that entity, for the winding up or dissolution of that entity or, where that entity is the trustee of a business trust, that business trust, on the ground of insolvency? No
(c) Whether there is any unsatisfied judgment against him? No
(d) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving fraud or dishonesty which is punishable with imprisonment, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such purpose? No
(e) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such breach? No
(f) Whether at any time during the last 10 years, judgment has been entered against him in any civil proceedings in Singapore or elsewhere involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or a finding of fraud, misrepresentation or dishonesty on his part, or he has been the subject of any civil proceedings (including any pending civil proceedings of which he is aware) involving an allegation of fraud, misrepresentation or dishonesty on his part? No
(g) Whether he has ever been convicted in Singapore or elsewhere of any offence in connection with the formation or management of any entity or business trust? No
(h) Whether he has ever been disqualified from acting as a director or an equivalent person of any entity (including the trustee of a business trust), or from taking part directly or indirectly in the management of any entity or business trust? No
(i) Whether he has ever been the subject of any order, judgment or ruling of any court, tribunal or governmental body, permanently or temporarily enjoining him from engaging in any type of business practice or activity? No
(j) Whether he has ever, to his knowledge, been concerned with the management or conduct, in Singapore or elsewhere, of the affairs of :-
(i) any corporation which has been investigated for a breach of any law or regulatory requirement governing corporations in Singapore or elsewhere; or No
(ii) any entity (not being a corporation) which has been investigated for a breach of any law or regulatory requirement governing such entities in Singapore or elsewhere; or No
(iii) any business trust which has been investigated for a breach of any law or regulatory requirement governing business trusts in Singapore or elsewhere; or No
(iv) any entity or business trust which has been investigated for a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, in connection with any matter occurring or arising during that period when he was so concerned with the entity or business trust? No
(k) Whether he has been the subject of any current or past investigation or disciplinary proceedings, or has been reprimanded or issued any warning, by the Monetary Authority of Singapore or any other regulatory authority, exchange, professional body or government agency, whether in Singapore or elsewhere? No
Any prior experience as a director of a listed company? No
If No, Please provide details of any training undertaken in the roles and responsibilities of a director of a listed company Mr. Block is not being appointed as a director.

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