Mizrahi Tefahot Bank's (TASE:MZTF) board of directors today approved the appointment of Eldad Fresher as the bank's next CEO, succeeding Eli Yones. The board unanimously accepted the recommendation of the search committee, headed by chairman Moshe Vidman. Fresher will take up the post at the end of August. Last week, "Globes" reported that he was the leading candidate to succeed Yones.
Fresher has served as Mizrahi Tefahot Bank CFO and Finance Division manager and VP for the past nine years. He is considered close to CEO Eli Yones and his protégé, Yones' support helped him in the race to manage the bank. Yones is considered a very dominant CEO, and his opinion was decisive.
In 1987-2004, Fresher served at Ministry of Finance's Office of the Accountant General, and has been close to and subordinate to Yones, who was accountant general in 1989-93, ever since. Fresher left the ministry in 2004 as deputy accountant general. Immediately afterwards, Yones recommended him for the job as Finance Division manager at Mizrahi Tefahot Bank.
"As a member of management at the bank for the past nine years, Eldad Fresher has been an active partner in the drafting of the bank's strategic plan, and in Mizrahi Tefahot Bank's impressive development during these years. His appointment as CEO will ensure continuity in the bank's activity, while maintaining its achievements and achieving the targets of its multiyear plan," said the search committee.
Published by Globes [online], Israel business news - www.globes-online.com - on June 17, 2013
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