Clal Insurance chair Dan Naveh seeks to resign immediately

Dan Naveh and Yoram Naveh / Photo: Shlomi Yosef and Kadia Levy, Globes

The resignation comes after the failure of Dan Naveh's attempt to remove CEO Yoram Naveh.

After the board of directors of Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS) unit Clal Insurance Company refused the demand of company chairman Dan Naveh concerning the continued employment of CEO Yoram Naveh (no relation), and decided that the matter would not be discussed in 2020, yesterday evening Dan Naveh announced his wish to step down from his post with immediate effect. This brings to an end the confrontation between the chairman and the CEO which arose from the chairman's initiative to remove the CEO in early May, an initiative that backfired on him. The decision on shortening the notice period for Dan Naveh's resignation lies with the board, which will probably approve it and choose a new chairperson, perhaps a temporary one. A statement on behalf of the board said that it would convene soon to discuss the matter.

Dan Naveh said in his resignation letter that the CEO needed to be replaced in order to a substantial business turnaround by 2021, and that since he had been prevented from bringing that about, he sought to resign immediately. Naveh had already informed the board that he would not seek an extension of his term when it expired at the end of this year.

in response to Dan Naveh's attempt to remove him, Yoram Naveh wrote a letter to the board accusing Dan Naveh of acting on behalf of shareholders Eyal Lapidot, the Arkin group, and Alrov, controlled by Alfred Akirov, with whose interests he had refused to cooperate. The allegation was not substantiated by the special investigator appointed by the board at the instigation of the regulator, Commissioner of Capital Markets, Insurance and Savings Moshe Bareket.

Published by Globes, Israel business news - en.globes.co.il - on July 1, 2020

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

Dan Naveh and Yoram Naveh / Photo: Shlomi Yosef and Kadia Levy, Globes
Dan Naveh and Yoram Naveh / Photo: Shlomi Yosef and Kadia Levy, Globes
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