Changes at Novolog continue: After replacing the board of directors, a new CEO arrives

The pace of change at Novolog is accelerating. After consolidating the control of the Pozis family, the resignation of board members, and the appointment of a new composition reflecting the dominance of the controlling shareholder, the healthcare group announced last week the departure in December of CEO Aviad Busi, who announced his resignation, and the conclusion of the tenure, by mutual agreement, of CFO Yaniv Vidavsky.

Now, it is already appointing a successor to Busi. The new CEO, who will take office at the beginning of December, is Zeev Mansour, who has served since 2017 as CEO of the logistics company Logisticare. Previously, he held various positions in the logistics field, including Director of the Supply Chain Division at Shufersal. Logisticare, a subsidiary of the Maman Group (100%), specializes in providing storage services, including frozen food products and temperature-controlled storage, management and operation of pharma warehouses, inventory management and warehouse operations, and management of transport and distribution services, and also operates, through a subsidiary, a grain silo at the Port of Ashdod.

While the logistics services division of Maman, under which Logisticare operates, generated revenues of 678 million shekels in 2025, in his new role, Mansour will manage a company whose revenue volume in 2025 was nearly three times higher, reaching 1.8 billion shekels, and which operates not only in the field of logistics, although medical logistics is its main area of activity, but also in the provision of various health services and digital medicine.

The changes at Novolog come against the backdrop of and in response to the proposal of the Movement Group, controlled by Eli Dahan, from last month, to invest 100 million shekels in Novolog and become, instead of the Pozis family, its largest shareholder. A proposal whose reporting revealed severe tension between the Pozis family, which was officially considered the controlling shareholder of the company, and the members of the board of directors and management, which is now ending with the consolidation of control by the Pozis family and the departure of other parties.

Busi will finish his role at the company at the end of a three-and-a-half-year tenure. The company's stock fell by 57% during his tenure, while the TA-125 index, the representative index of the stock exchange, rose by 125%. In doing so, it continued a downward trend that began during the tenure of the previous CEO, Eran Tauss. The decline was caused, among other things, by high provisions recorded by the company for impairment of assets from acquisitions made before Busi took office, negative effects from the wars against Iran this year and in June of last year, and mainly after the company encountered difficulties in implementing a new distribution management system at the beginning of 2025. These led to delays and problems in distributing products to end customers, and as a result, Novolog's revenues in 2025 were hit by 11% and operating profit plummeted. It was also required to incur one-time expenses of 15 million shekels and a provision of 6.2 million shekels following a request for a class action lawsuit against the company. Beyond that, the pharmaceutical company Pfizer, one of its main clients, also ended its engagement with it.

Novolog ended the first half of 2026 with revenues of 958 million shekels, no significant change from the corresponding half of last year. However, the Adjusted EBITDA, a metric the company identifies as properly reflecting its operational performance, fell by 12% to 56 million shekels, and net profit fell from 5.8 million shekels in the first half of last year to 729 thousand shekels. This was, among other things, influenced by the war against Iran, an increase in financing expenses, and various one-time expenses, which offset efficiency in sales and general and administrative expenses. The main decline was recorded in the logistics division, the group's main one, which generated revenues of 839 million shekels, 87% of total periodic revenues. Novolog is traded at a value of 378 million shekels, compared to a peak value of 1.8 billion shekels, at which it was traded in July 2022, and a value of 919 million shekels at the time Busi took office.