General-managers musical chairs has finally ended at Poalim Investments. The chair being vacated by outgoing general-manager Uri Levitt will be taken by his temporary replacement, chairman of the company’s board, Avigdor Kellner. The appointment was approved at Poalim Investment’s board meeting on Monday.
Israel Corporation general-manager Doron Steiger, who was a candidate to fill Levitt’s shoes, will resign his post at the end of the month for private business, after declining the offer from Dovrat-Shrem, owners of the controlling interest in Poalim Investments.
In the case of the Israel Corporation, Steiger will be replaced by chairman of the board Amos Mar-Haim, and it seems the boundaries between the two jobs is becoming blurred. Even in Koor, the current general-manager Benny Gaon, will be replaced in a few months by deputy chairman of the board, Jonathan Kolber.
Poalim Investment’s new general-manager, Avigdor Kellner, is also one of the owners of the controlling interest in the company. Kellner holds 16.7% of Dovrat-Shrem Industries, which holds 31.7% of Urdan, which controls Poalim Investments. When Kellner takes up his new position he will be allocated options of 1.2% of Poalim Investments capital shares.
Kellner does not currently hold any Poalim Investment shares. Last October, he sold 1.99% of the shares he had previously received in a share swap for his holdings in the real estate company, Kaldash. Kellner sold these Poalim Investment shares in an offer for sale by the controlling company, Urdan, which was principally aimed at the three main shareholders, Avigdor Kellner, Aharon Dovrat and Yitzhak Shrem.
Kellner received NIS 16.5 million for his shares.
Published by Israel's Business Arena March 11, 1998