Gilat Satellite Networks Ltd. announced July 18 the nomination of Amiram Levinberg as the company’s chairman and CEO, in conjunction with York Capital Management gaining an interest in Gilat.

The change was made in connection with Bank Hapoalim reducing its financial interest in VSAT service provider Gilat. Bank Hapoalim sold its $70.4 million loan and the corresponding warrant to York and also granted York an option to purchase a little more than 1 million of Bank Hapoalim’s approximately 3.3 million Gilat shares. Bank Hapoalim also sold 1.25 million shares to Mivtach Shamir Holdings Ltd., and all parties agreed to provide York with a proxy to control all of these 3.3 million Gilat shares as part of the transaction.

Shlomo Rodav resigned at Gilat’s chairman and CEO along with company board members Robert Bednarek, Pinchas Buchris, Gideon Chitayat, Abraham Neyman and Linda Harnevo. New members of Gilat’s board include: York Vice President Jeremy Blank, Aeronautics Defense Systems Chairman Udi Ganani, Orex Computed Radiography Ltd. General Manager Karen Sarid and Orckit Communications Ltd. President and Director Izhak Tamir.

“I want to thank Shlomo Rodav for his devoted service to the company,” Levinberg said in a statement. “Shlomo deserves substantial credit for the significant reorganization process Gilat has undergone during the past two years. Such process has been instrumental in the stabilization of the company.”