Africa Israel board approves Novogrocki as CEO

JERUSALEM, July 8 (Reuters) - Africa Israel Investments' board approved the nomination of Avraham Novogrocki as its new chief executive officer, the Israeli real estate developer said on Sunday.

Novogrocki, currently CEO of subsidiary Africa Israel Industries, will begin his tenure on July 22 and replaces Izzy Cohen, who stepped down in late June after four years on the job.

Under Cohen's tenure, Africa Israel - controlled by billionaire diamond dealer Lev Leviev - was hit hard by the real estate meltdown in the United States, Russia and eastern Europe. The company ultimately defaulted on a series of bonds in 2010, forcing it to restructure about $2 billion debt.

Net outstanding debt in the first quarter fell to 3.4 billion shekels ($865 million), from 3.9 billion at the end of 2011, largely due to buying back some of its bonds.

($1 = 3.93 shekels) (Reporting by Steven Scheer)