AIRPORT CITY BUSINESS PARK, Israel, November 28, 2011 /PRNewswire/ --
RRsat Global Communications Network Ltd. (NASDAQ: RRST), a leading provider of comprehensive content management and global distribution services to the television and radio broadcasting industries, today announced that its Chief Executive Officer, Mr. David Rivel, will retire on June 30, 2012.
Mr. Rivel's current contract with the company, which expires on December 31, 2011, will be extended until June 30, 2012 to ensure a seamless transition. During this period Mr. Rivel will assist the Company's Board of Directors in selecting and appointing a new CEO. After said date, Mr. Rivel will remain as an advisor to the Company and a member of the Company's Board of Directors.
Mr. David Rivel, Founder and CEO of RRsat, stated: "I started RRsat over 30 years ago with an idea and a vision and built it to a successful and profitable company with annual revenues of over $100 million. Together, with the help of a talented and dedicated team of employees, we created one of the leading global solutions providers to the television and radio industries for content management and distribution. I am very proud of our achievements and now, after so many years, it is the right time for me to step aside and let someone new lead RRsat to the next level. After June 30, 2012, I will remain on board as a Director and special advisor to the Company and will, as always, remain committed to making RRsat the leading global content management provider and distributor."Dr. Shlomo Shamir, Chairman of RRsat's Board of Directors, noted: "During the time that I have had the pleasure of working with David I have discovered that he is a true entrepreneur. He tapped into an industry with great opportunity and continued growth potential and built a global Company and a great team. We are sorry to see David step down, yet we are fortunate that he will continue to work with the company and share with us his industry knowledge, experience and creativity." About RRsat Global Communications Network Ltd.