Bank Hapoalim (TASE: POLI) plans to set up a search committee for a CEO. The five-person committee will comprise two external directors and three directors who are representatives of controlling shareholder Shari Arison.
The committee will consider candidates for the disputed CEO position at the bank. Yair Orgler, a former chairman of the Tel Aviv Stock Exchange (TASE), and Imri Tov will co-chair it. The other three members are Efrat Peled, Pnina Dvorin, and Moshe Koren.
Current Bank Hapoalim CEO Zion Keinan has notified the board that he understand and honors the search committee process and that he will tender his candidacy to the search committee.
Bank Hapoalim notified the Bank of Israel this morning of its intentions, and asked the Bank of Israel for its approval. Bank Hapoalim agreed to the Bank of Israel's demand to set up the search committee, although the Bank of Israel wanted three external directors, and external directors only, to serve on it. Bank Hapoalim's proposed list of committee members increases Arison's influence on the committee.
Bank Hapoalim's board also asked for a meeting with Supervisor of Banks Rony Hizkiyahu to see whether he has any reservations about the proposed search committee.
Published by Globes [online], Israel business news - www.globes-online.com - on May 14, 2009
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