The Board of Directors appointed Leon Recanati Acting CEO
last week. GM IDB: Rafael Recanati has not resigned the
position of Chair of the Board; Leon's appointment is
temporary.
Udi Recanati, Rafael Recanati's son, and his cousin Leon
Recanati are competing for the position of Chairman of the
Board of IDB Holdings, a position currently held by Rafael
Recanati.
The battle for the position began last week with Rafael's
agreement to the appointment of a temporary Acting CEO. The
Board of Directors appointed Leon Recanati, the son of the
late Daniel Recanati to the position on Thursday. The
company's press release stated that the appointment was made
as Rafael Recanati is temporarily unable to fulfill the
position for health reasons. The press release emphasized
that Leon Recanati will hold all the powers of the CEO until
the regular CEO is able to return.
It is unclear how Udi Recanati will react to Leon
Recanati's appointment, as, according to estimates, he saw
himself as a candidate for the position. Udi Recanati's
response was unavailable, as he is currently abroad.
General Manager of IDB Eli Cohen said that Rafael
Recanati has not resigned as CEO and Leon Reca's appointment
is temporary