Nir Erez stepping down as Moovit CEO after 13 years
Nir Erez stepping down as Moovit CEO after 13 years
Erez, who headed the company since its founding and through its $1 billion acquisition by Intel, will transition to the role of President and advisor to new CEO Nir Bezalel
For the first time since its establishment 13 years ago, Moovit is making a change at CEO. Nir Erez, the company's co-founder, will step down from the position of CEO and transition to serve as president and advisor to the CEO. Nir Bezalel will be appointed in his place. Bezalel has held various senior positions since the company's inception, serving as VP of Research and Development and most recently CTO, and has been responsible for numerous strategic and business initiatives at Moovit. Prior to his tenure at Moovit, Bezalel held development positions at high-tech companies Nova and Optimal Test.
Moovit’s transportation application operates in over 110 countries. Four years ago, it was sold to Intel for approximately one billion dollars in a deal aimed at enhancing Mobileye's autonomous vehicle solution.
The management changes are believed to be related to the expiration of the retention period for senior executives as part of the purchase agreement, which required them to remain with the company for four years following the acquisition. In light of this, co-founder Roy Bick is also set to depart, and it is estimated that other senior managers may follow suit in the future. Moovit's revenues have reportedly grown at a high rate in recent years, and it is expected to achieve positive cash flow from operations this year.
"Since Moovit was founded more than 13 years ago, we have built a company that serves more than a billion people worldwide. After a year of record-breaking achievements - including record revenues and a significant increase in active users - it is the right time for me to focus on strategy. This change will pave the way for new leadership to guide the company's continued growth," said Erez.
Prior to Moovit, Nir was also the founder and CEO of both ActionBase and Optimal Plus.
