Sources inform "Globes" that Excellence Investments Ltd. (TASE:EXCE) co-founders and co-chairmen Roni Biram and Gil Deutsch have resigned. The resignation comes as the power struggle intensifies between Delek Group Ltd. (TASE:DLEKG) unit Israel Phoenix Assurance Ltd. (TASE:PHOE1; PHOE5) and Biram and Deutsch over how much they will be paid for their 15.2% stake in the investment house. Phoenix Assurance owns 72.7% of the investment house.

Biram and Deutsch were originally scheduled to leave in March 2010. But in recent months the paid had been negotiating an extension of their chairmanship. David Baruch serves as Excellence's CEO and the investment house has no known candidate for chairman.

Excellence also published its financial report for the first quarter of 2010 today. Revenue rose to NIS 168 from NIS 136 million in the corresponding quarter, while net profit fell to NIS 38 million from NIS 39 million in the corresponding quarter.

Excellence's share price rose 0.24% this afternoon on the TASE to NIS 58.

Published by Globes [online], Israel business news - www.globes-online.com - on May 16, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010