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Elbit (Nasdaq:ELBT) today said that its president and chief executive Yigal Baruchi advised the company's board of his resignation, effective from October 23, 2001.

Baruchi said he prefers to retire after achievement of the exchange ratio of shares in the company's merger with Elron Electronic Industries (Nasdaq:ELRNF).

The managerial board named chief financial officer Tal Raz as acting CEO in Baruchi's stead.

During 2000 Elbit sold its holdings in startup HyNEX to Cisco Systems (Nasdaq:CSCO), and Peach Networks to Microsoft (Nasdaq:MSFT). Elbit retains a 12.5% stake in Partner Communications (Nasdaq, TASE: PTNR, LSE:PCCD) worth about $87 million.

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On September 4 Elbit and Elron announced their agreement to merge according to an exchange ratio of one Elbit share for 0.45 Elron share. The merger has not been finalized.