Dov Lautman, founder and chairman of intimate apparel company Delta Galil Industries, is to take on the position of chief executive officer with the business following the resignation of Arnon Tiberg.

Delta said Tiberg would leave his role of chief executive on 31 January, by mutual agreement with the company.

Lautman will take over the vacated position for 12 months beginning 1 February.

Since Israeli law requires shareholder approval for the chairman to serve simultaneously as chief executive, the board will meet to approve Lautman's continuing tenure as chairman during a period of up to 15 months.

Lautman commented: "A few months ago Arnon Tiberg asked me to look into the possibility of his resignation as chief executive. I asked him to remain in his position.

"We have now agreed that he would finish his term as chief executive on 31 January. Due to my great appreciation for his talents, I intend to ask the board to nominate Tiberg as a director in the near future, so that Delta may benefit from his vast knowledge and experience."

Delta Galil makes apparel for brands such as Calvin Klein, Hugo Boss, Nike, and Ralph Lauren.