Mizrahi Tefahot Bank (TASE:MZTF) CEO Eldad Fresher announced today his intention to resign from the bank in the coming months. Fresher has been the bank's CEO for the past seven years, and has been an executive in it for 16 years.
Fresher is the fourth Israel bank CEO to resign in the past year. He was preceded by Arik Pinto at Bank Hapoalim (TASE: POLI), Rakefet Russak-Aminoach at Bank Leumi (TASE: LUMI), and Lilach Asher-Topilsky at Israel Discount Bank (TASE: DSCT). Fresher was appointed CEO in the summer of 2013. He recently convinced the US authorities to greatly reduce the fine imposed on Mizrahi Tefahot Bank for abetting tax evasion by customers in the US.
At today's meeting of Mizrahi Tefahot Bank's board of directors, Fresher said, "The bank's extraordinary performance in recent years, our success in meeting the targets in the strategic plan two years earlier than planned, and approval of the deal for the acquisition and merger of Union Bank into the Mizrahi Tefahot group are giving the bank an opportunity for another major step forward in the coming years. As I see it, this is the most suitable time to pass the baton to another CEO, who will be a partner in devising the new strategic plan that will be brought to the board for discussion and approval during the third quarter of this year, and who will apply it, together with the bank's thousands of excellent managers and employees. I have had the great privilege of managing the most successful bank in Israel during these years - a bank with an optimal combination of a differentiable strategy, a unique organizational culture, and top-level and dedicated professional human capital. I am convinced that this winning formula will also be effective in the coming years. Mizrahi Tefahot Bank will continue to show strong performance and accelerated growth, while providing great value for all of those involved: customers, employees, and shareholders."
Mizrahi Tefahot Bank chairman Moshe Vidman announced that he would soon appoint a committee to select a CEO for the bank in place of Fresher.
Published by Globes, Israel business news - en.globes.co.il - on February 19, 2020
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