The belief is that Zohar has been offered a generous retirement package.
Israel Discount Bank (TASE:DSCT) controlling shareholders the Bronfman Schron Group yesterday held a round of talks in Jerusalem to soothe the Bank of Israel's concerns about their decision to ask chairman Shlomo Zohar to step down. The bank's controlling shareholders were represented by Matthew Bronfman, on behalf of the Bronfman family and Alan Fishman, on behalf of Robin Schron. The main meeting was with Supervisor of Banks Roni Hizkiyahu.
Sources inform "Globes" that the Discount Bank controlling shareholders told Hizkiyahu that they have begun talks with Zohar in order "to bring the matter to a close in a dignified manner and with mutual agreement."
In light of "their strategic commitment to their holdings in the bank" the Bronfman family intends "ending the affair as quickly as possible," said a source close to Discount's controlling shareholders. The belief is that Zohar has been offered a generous retirement package. Zohar's golden parachute according to his contract stands at NIS 7 million.
Published by Globes [online], Israel business news - www.globes-online.com - on November 10, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009
Eran Peer and Stella Korin-Lieber