(Filed Under Fashion News). Adi Livneh, CEO of Israel-based Tefron Ltd., has informed the company of his plans to resign from his position, citing personal reasons. Livneh was appointed CEO of the seamless intimates, activewear and swimwear producer in September 2008. His resignation will become effective as soon as the company appoints a new CEO, or by February 15, 2012.

In response to Livneh’s resignation, the company’s board of directors has formed a search committee to nominate a new CEO.

In other news, on November 30th the company released dismal results for the third quarter of 2009. Revenues dropped 45.1 percent, to $21.0 million from $38.3 million, which the company attributed to a decrease in sales across all product lines due to the worldwide economic slowdown. The company also released results for the nine-month period ended September 30th, 2009, citing a 32.4 percent drop in revenues due to sales decreases in both the intimate apparel and activewear categories.

Tefron Ltd. is a major producer of seamless intimate apparel, activewear and swimwear for several well-known brands including Victoria’s Secret; Maidenform; Warnaco/Calvin Klein; The Gap; J.C. Penney; and Patagonia, among others. For further information, contact Eran Rotem, chief financial officer of the company: Reran@Tefron.com.

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Published 12-02-2009 by Amanda Torres Price