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February 11, 2004

ISRAEL: Blue Square announces departure of CEO and president

Israeli supermarket group Blue Square-Israel has announced the departure of Yoram Dar, the company's current chief executive officer and president, effective immediately.

Israeli supermarket group Blue Square-Israel has announced the departure of Yoram Dar, the company’s current chief executive officer and president, effective immediately.

The company said that after Bronfman-Alon took control of Blue Square in June 2003, Blue Square had agreed to enter negotiations with Dar in order to reach an agreement on the terms of a new employment agreement.

“Due to a material difference between the parties as to the monetary terms of the new agreement, no agreement has been reached on the terms of a new employment agreement. It was therefore agreed that Mr. Dar would cease to serve as the chief executive officer and president of Blue Square effective immediately,” the company said.

Blue Square also said that Bronfman-Alon, which holds approximately 78% of Blue Square’s outstanding shares, intends to recommend to the board of directors of Blue Square that it appoints Gil Unger as Blue Square’s new chief executive officer and president. Unger is currently chief executive officer of IKEA Israel.

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