Another personnel change is taking place in the IDB Development-Discount Investment Corporation group, controlled by Eduardo Elsztain. Sources inform "Globes" that Discount Investment's board of directors has decided to appoint former Ministry of Finance director general Doron Cohen as CEO in place of Eran Saar, who will continue as CEO of IDB Development.
The decision comes as a surprise, because Saar was appointed as CEO of IDB Development and Discount Investment only six months ago, and officially took up his position only four months ago.
Saar has been trying to sell off IDB Development assets in recent months, headed by the sale of airline Israir and of a minority stake in real estate company IDBG, but has not succeeded in doing so.
It was reported earlier that IDB Development was moving towards another debt arrangement. Following the decline in the markets sparked by the coronavirus, the company, controlled by Eduardo Elsztain, stated, "There is a real risk that the company will not have sources from which to pay its debts."
The company's audit committee therefore notified Elsztain that it was exercising the right to a payment from him under the terms for the bonds that he issued to IDB through Dolphin, his private company, when Dolphin acquired IDB subsidiary Discount Investment.
Published by Globes, Israel business news - en.globes.co.il - on March 16, 2020
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