NETANYA, Israel, July 20 /PRNewswire-FirstCall/ -- Cellcom Israel Ltd. (NYSE: CEL) (the "Company") announced today that Mr. Tal Raz notified the Company of his resignation from office as the Company's CFO, effective September 20, 2009, following his nomination as CEO of Clal Finance, an IDB group affiliate of the Company. The Company's board of directors has nominated Mr. Yaacov Heen as the Company's CFO, effective September 21, 2009, and resolved to recommend to the General Meeting of Shareholders to nominate Tal Raz as a director of the Company.

Mr. Amos Shapira, the Company's CEO said today that "Mr. Raz has been Cellcom Israel's CFO for the last four years, in which time he has led the Company's extremely successful public offering of the Company's shares on the NYSE, as well as numerous debenture offerings in the TASE, and was a most valuable member of our management team, leading the Company to continued growth in both operational and financial results. We thank Tal for his remarkable contribution to the Company and wish him success in his new position as CEO of Clal Finance. Yaacov has been with the Company since 1997 and has grown to become one of the Company's top managers. We take great pride in appointing one of our own managers to the CFO position and wish Yaacov success in his new position."

Mr. Heen has served as head of the Company's economic department since 2006, responsible for the Company's budget, financial analysis, cost accounting and control over the Company's performance. From 2002 to 2006 he served as head of the Company's pricing and business research department. Mr Heen holds a B.A. in economics and business administration and an M.B.A. in business administration, from Bar-Ilan University.

About Cellcom Israel

Cellcom Israel Ltd., established in 1994, is the leading Israeli cellular provider; Cellcom Israel provides its approximately 3.208 million subscribers (as at March 31, 2009) with a broad range of value added services including cellular and landline telephony, roaming services for tourists in Israel and for its subscribers abroad and additional services in the areas of music, video, mobile office etc., based on Cellcom Israel's technologically advanced infrastructure. The Company operates an HSPA 3.5 Generation network enabling advanced high speed broadband multimedia services, in addition to GSM/GPRS/EDGE and TDMA networks. Cellcom Israel offers Israel's broadest and largest customer service infrastructure including telephone customer service centers, retail stores, and service and sale centers, distributed nationwide. Through its broad customer service network Cellcom Israel offers its customers technical support, account information, direct to the door parcel services, internet and fax services, dedicated centers for the hearing impaired, etc. As of 2006, Cellcom Israel, through its wholly owned subsidiary Cellcom Fixed Line Communications L.P., provides landline telephone communication services in Israel, in addition to data communication services. Cellcom Israel's shares are traded both on the New York Stock Exchange (CEL) and the Tel Aviv Stock Exchange (CEL). For additional information please visit the Company's website http://www.cellcom.co.il

    Company Contact
    Shiri Israeli
    Investor Relations Coordinator
    investors@cellcom.co.il
    Tel: +972-52-998-9755

    Investor Relations Contact
    Ehud Helft / Ed Job
    CCGK Investor Relations
    ehud@gkir.com / ed.job@ccgir.com
    Tel: (US) +1-866-704-6710 / +1-646-213-1914

SOURCE Cellcom Israel Ltd.