Grand City Properties S.A. announced that the board of directors resolved that effective as of 1 October 2020. Mr. Christian Windfuhr will withdraw from his position as the CEO in order to replace Mr. Refael Zamir as a member and chairman of the board of directors as of that date. Mr. Refael Zamir will become the company's CEO, effective as of 1 October 2020. Mr. Zamir will continue to serve as the company's CFO.