A fifth senior manager is leaving Bank Leumi (TASE: LUMI) within two months. Commercial Banking Division manager Michael Bar-Haim (53) will leave the bank in two weeks to take a senior position at Gazit-Globe Ltd. (TASE: GLOB), controlled by chairman Chaim Katzman. Bar-Haim's new post has not yet been defined and Gazit-Globe's board still has to approve the appointment.
Salaries at Bank Leumi, in which the government still has a controlling interest, are lower than at other banks. Although the bank says that it has a worthy next-generation group of managers, there is a feeling of unease about the multiple departures in so short a time. Bar-Haim was preceded by four other top managers: Banking Division manager Yona Fogel has been appointed CEO of Paz Oil Company Ltd. (TASE:PZOL); Construction and Real Estate Division manager Uzi Levy has taken up a senior post at Delek Group Ltd. (TASE: DLEKG); Bank Leumi Switzerland VP Shouky Oren is due to become the Accountant General; and Leumi & Co. Investment House VP Osnat Ronen will become CEO of a private equity fund with Aharon and Shlomo Dovrat.
Bar-Haim's departure is considered a great loss to Bank Leumi. He is highly regarded, and considered one of the three most promising members of the board of management, together with Corporate Division manager Rakefet Russak-Aminoah and Capital Markets Division manager Prof. Daniel Tsiddon.
Bank Leumi said in response that it was proud that the departing managers were leading the Israeli economy in key posts. The bank added that it viewed the departures as an opportunity to refresh its ranks. Commercial Banking Division deputy manager Gideon Altman will replace Bar-Haim.
Published by Globes [online], Israel business news - www.globes.co.il - on November 5, 2007
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