Arik Steinberg said a major TASE shareholder had blocked stock-based compensation.
Tel Aviv Stock Exchange (TASE) chairperson Arik Steinberg announced his resignation yesterday. In his resignation letter to the TASE board of directors Steinberg wrote that he was resigning "because of a lack of willingness in principle on the part of a substantial shareholder in the stock exchange to consider awarding stock-based compensation as part of the employment agreement for the position of chairperson of the Tel Aviv Stock Exchange."
The main shareholder in the TASE is US investment fund Manikay Partners, which bought a 19.9% stake for $31 million in 2018. Manikay Partners now holds 19.48% of the TASE, worth NIS 316 million.
Steinberg was appointed chairperson of the TASE last December, after the board unanimously accepted the recommendation of its search committee. Steinberg had been serving as acting chairperson since the previous incumbent, Amnon Neubach, stepped down on August 1 last year.
Published by Globes, Israel business news - en.globes.co.il - on April 27, 2022.
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Arik Steinberg credit: Sivan Faraj