Aggrieved Hapoalim CEO Pinto stepping down early

Arik Pinto Photo: Eyal Izhar
Arik Pinto Photo: Eyal Izhar

Arik Kotler's appointment by the board was perceived as a vote of no confidence in Pinto, who wanted his deputy to succeed him.

After taking a body blow from the board of directors last week, Bank Hapoalim (TASE: POLI) CEO Arik Pinto is bringing forward his resignation from the bank. The actual date of his resignation depends on the period of the reliability examination by the Bank of Israel Supervisor of Banks, as in any such appointment, which is 60 days. Pinto announced his retirement from the bank on April 15, but is likely to step down earlier than that, sources inform "Globes"

Pinto's exit follows the selection of Dov Kotler as the new CEO. Kotler's appointment by the board of directors was perceived as an a vote of no confidence in Pinto, who opposed the appointment and wanted his right hand, Erez Yosef, or another candidate from inside the bank appointed in his place. Pinto even appeared before the board of directors on the day the CEO was selected in an attempt to persuade his colleagues not to choose external candidates brought before it, including Kotler.

Pinto told "Globes," "I will stay as long as necessary according to an agreement with Oded Eran and Dov Kotler, and will continue together with Kotler as much as necessary. The bank is dear to us and every member of management tries to do his job and pass things on in an orderly way. The board of directors chose the CEO, and we respect that."

Published by Globes, Israel business news - en.globes.co.il - on July 21, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

Arik Pinto Photo: Eyal Izhar
Arik Pinto Photo: Eyal Izhar
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