Fogel's roles in the group will be split between controlling shareholder Eliahu and group CEO Yonel Cohen.
With Aharon Fogel resigning as chairman of Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL), and the expected appointment of controlling shareholder Shlomo Eliahu as chairman of the group to replace him, the future of the top management of Israel's largest insurance group is becoming clearer. The role of the outgoing chairman will be split between the controlling shareholder and the group's CEO, Yonel Cohen.
Sources inform "Globes" that Eliahu, who founded the Eliahu Insurance Company, will replace Fogel as chairman of the public company Migdal Insurance and Financial Holdings only. Cohen is expected to replace Fogel, who served as chairman of the group for 13 years, as chairman of Migdal Insurance Company and as chairman of the Migdal Capital Markets investment house. This will be in addition to his current roles as chairman of Migdal Makefet Pension and Provident Funds Ltd., and of Migdal's insurance agencies. He will remain CEO of the group parent company.
It is believed that the post of CEO of Migdal Insurance Company will probably be offered to Ofer Eliahu, son of Shlomo Eliahu, who has been CEO of Eliahu Insurance Company for many years. Eliahu junior is currently deputy CEO, and head of the General Insurance and Reinsurance Division of Migdal Insurance and Financial Holdings Ltd.
Published by Globes [online], Israel business news - www.globes-online.com - on June 27, 2013
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