Bank Leumi (TASE: LUMI) president and CEO Galia Maor is stepping down. Today, she notified the bank's board of directors, during a routine meeting, that she will leave during the second quarter. Her decision was not on the agenda.
Maor, who will be 69 in February, has been Bank Leumi's CEO since August 1995, and will have served for nearly 17 years when she leaves. Chairman David Brodet will set up a search committee to recommend her successor.
"Today, after management has completed the multiyear plan, and now that I am sure of the current team's ability to successfully implement the plan, the time has come for me to step down," said Maor in a statement.
The announcement took Bank Leumi's executives and Israel's banking system by surprise, and except for Maor's close friend Adv. Dalia Tal, and Brodet, no one knew of her intentions. Two weeks ago, in response to a "Globes" question on the matter, Maor denied any plans to leave.
Maor is considered a strong, assertive CEO who led Bank Leumi and built a cohesive and strong team around her. Under her management, the bank again became Israel's largest bank, surpassing Bank Hapoalim (TASE: POLI), after it came through the 2008 financial crisis almost unscathed.
"Maor's contribution to the development, growth, and thriving of Bank Leumi cannot be understated," said Brodet. "Maor is an unparalleled model of management; a model that combines vision and long-term perspective with professionalism, attention to detail, and an extraordinary ability to execute. There is no question that she leaves behind a glorious heritage."
The leading candidate to succeed Maor is deputy CEO Rakefet Russak-Aminach (46), who led the bank's corporate business division for eight years. Maor has groomed Russak-Aminach for years, appointing her deputy CEO six months ago.
Other candidates include former Banking Supervisor Roni Hizkiyahu (60), who enjoys the support of Governor of the Bank of Israel Prof. Stanley Fischer; Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS) CEO Shai Talmon (54), a former head of Bank Hapoalim's corporate business division; Paz Oil Company Ltd. (TASE:PZOL) CEO Yona Fogel (58), a former head of Bank Leumi's banking division; and former Israel Discount Bank (TASE: DSCT) CEO Giora Ofer (59), who previously headed Bank Leumi's commercial banking division.
Bank Leumi's share price rose 1.8% today to NIS 11.11, giving a market cap of NIS 16 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on January 1, 2012
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