Bezeq chair quits after dispute with Searchlight

Shlomo Rodav Photo: PR
Shlomo Rodav Photo: PR

Shlomo Rodav has stepped down after his attempts to strengthen the board at the expense of the controlling shareholder.

Bezeq Israeli Telecommunication Co. Ltd. (TASE: BEZQ) chairman Shlomo Rodav has quit following the deterioration in recent months in his relationships with US investment company Searchlight, the company's new controlling shareholder. Significant disputes had developed between Rodav and Searchlight regarding the role of the board of directors and the controlling shareholder.

Searchlight was recently surprised to discover that Rodav was leading a line that was strengthening the board of directors at its own expense, even though it had committed to the Ministry of Communications to change the company's regulations.

Bezeq's annual general shareholders meeting supported Rodav and that put Searchlight in an embarrassing position where it looked like it was violating the permit it was given to control Bezeq by the Ministry of Communications.

Rodav thought that the dispute could be solved and that the Ministry of Communications would come around to the fact that Searchlight was not fulfilling its instructions. But the tensions between Searchlight and Rodav grew stronger and something had to give.

Published by Globes, Israel business news - en.globes.co.il - on June 22, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Shlomo Rodav Photo: PR
Shlomo Rodav Photo: PR
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