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Optibase Ltd. Appoints Amir Philips As Chief Executive Officer

Stocks in this article: OBAS

Optibase, Ltd. (Nasdaq: OBAS) today announced that Amir Philips, Optibase's Chief Financial Officer, will terminate his position as Chief Financial Officer and be appointed as Chief Executive Officer, effective June 1, 2011. With Mr. Philips’ appointment, Tom Wyler will resign from his position as CEO, but will retain his position as President of Optibase. Mr. Wyler will also continue serving on the Optibase Board of Directors. Yakir Ben-Naim, Optibase's Corporate Controller, will serve as Chief Financial Officer.

Mr. Philips has more than 10 years of experience with Optibase and is highly familiar with Optibase's new business ventures. He was named Optibase’s Chief Financial Officer in May 2007 with responsibility for day-to-day operations, commercial and financial activities. Prior to his position as Chief Financial Officer, Mr. Philips served as Vice President of Finance of Optibase Inc. and held the position of Group Controller and Financial Manager at Optibase Ltd. Mr. Philips holds an MBA from the Kellogg-Recanati School of Management and a B.B. degree in Accounting and Business Administration from the Israeli College of Management and is a Certified Public Accountant in Israel.

"We are pleased that Amir Philips has accepted this position,” said Alex Hilman, Executive Chairman of the Board of Directors. “Amir has worked closely with the board for several years and has been involved in all aspects of Optibase’s strategy and operations, including a deep involvement in the company's recent real estate transactions. The Board has seen firsthand his leadership and expertise and unanimously made this appointment. The Board has confidence that Amir will serve Optibase well."

“I would like to thank the board for their vote of confidence,” said Mr. Philips. “This is an opportunity for me to continue implementing the shift in our business focus, from the high-tech field into the real estate and investments world, set new goals and continue bringing value to our business partners and shareholders.”

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