AFI Development PLC announced that on 21 August 2012 its Board of Directors appointed Mr. Avraham Novogrocki, the new CEO of Africa Israel Investments Ltd, as non-executive director. The appointment of Mr. Novogrocki follows the resignation of Mr. Izzy Cohen from the Board of AFI Development. Mr. Novogrocki was appointed CEO of Africa Israel Investments Ltd. after serving as CEO of its subsidiaries: Africa Israel Industries Ltd. (from 2008 to 2012) and Packer Steel Industries Ltd. (from 2007 to 2012).

Prior to this, Mr. Novogrocki served as Deputy CEO and CFO of Africa Israel Industries Ltd. In total, Mr. Novogrocki has been working in the Africa Israel Group for 15 years.