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Ahead of Earnings Announcement, Scitex President and CEO Resigns

Press release from the issuing company

HERZLIA, Israel, Aug. 7 Scitex Corporation Ltd. reports today that Yoav Z. Chelouche has announced that effective September 1, 2001 he will step down from his position of President and CEO of the Company. (Scitex is scheduled to release earnings later today.) Chelouche will continue to advise Scitex through mid-year 2002. Chelouche has been appointed Managing Partner of Fantine Capital Europe One. Yoav Z. Chelouche was appointed President and CEO of Scitex Corporation Ltd. in 1995 having served in different executive management positions since joining the Company in 1979. Meir Shannie, the Chairman of the Scitex Board of Directors, commented, "Yoav's vision and leadership guided the Company through times of change and great challenges. During the past six years Yoav has been building Scitex and its management team to lead the market in inkjet based technology solutions.'' Shannie continued, "Through Yoav's tenure, Scitex transitioned from its historic digital preprint business to be focused on digital printing. Scitex is recognized for its cutting-edge inkjet technologies and its group of companies covering a wide gamut of applications and solutions. The value in these assets will be recognized over time. Yoav has been invaluable in positioning Scitex and overseeing these major strategic steps.'' Shannie concluded, "On behalf of the Board of Directors I want to thank Yoav for his contribution to Scitex and look for his advice and support as we continue to meet the challenges ahead.''