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Actionable news in CSTE: CaesarStone Sdot-Yam Ltd.,

CaesarStone Sdot-Yam: Appointing Yonatan Melamed And Ofer Tsimchi (Resolution 2)

The following excerpt is from the company's SEC filing.

Our reasons

Contrary to some of the information you may have read,

we are not seeking control of the board of directors

. Quite the opposite is true. We have reduced the number of directors who are Kibbutz members from five to three. At our initiative, and against the wishes of the Company’s management, the chairmanship of the board of directors – which was held by a Kibbutz member since the Company’s IPO – will now be held by an independent director. We have agreed to reduce the size of the board from eleven to nine. Moreover, we proposed the addition of Ronald Kaplan, with his experience fr om the US market, to the board. We have the strongest interest in assisting and positioning the Company to improve its performance. As the largest shareholder, our interests are 100% aligned with those of all shareholders - to maximize the value of Caesarstone shares.

Our reasons for taking this step should be obvious to all...