Moti Rosen, the CEO of Harel Insurance Company Ltd., a unit of Harel Insurance Investments and Financial Services Ltd. (TASE: HARL), suddenly and unexpectedly this morning notified the board of his resignation. Harel Insurance deputy CEO and head of its long-term savings division, Michel Siboni, is Rosen's designated successor.
Rosen has been in the insurance business for thirteen years, nine of them in his present job. He resigned just one month after Harel launched its first-ever executive stock option grant. Rosen would have been the prime beneficiary and received 134,000 options under the plan, worth an estimated NIS 7 million.
The reason for Rosen's resignation is not known at this time. He notified company employees of his decision by e-mail, and it apparently comes into effect immediately.
Harel Insurance's founder and chairman is Yair Hamburger. Harel's share fell 0.2% to NIS 162.40 by midday today.
Published by Globes [online], Israel business news - www.globes-online.com - on July 12, 2009
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