New Psagot CEO begins layoffs by axing VP

Rami Ya'ari  / Photo: Rafi Delouya, PR

Reuven Kaplan decided to eliminate Psagot's customer division, which Rami Ya'ari headed.

In the first executive change at Psagot Investment House under new CEO Reuven Kaplan, senior VP and customers division head Rami Ya'ari is leaving Psagot. Ya'ari worked at Psagot for 15 years, including eight years in his recent position. His departure is the latest in a series of changes at Israel's largest investment house. He wrote to his employees at Psagot that he was "embarking on a new path."

Psagot revealed that Ya'ari was leaving his post as the result of a decision by Kaplan, who "announced a change in strategy and restructuring today at the investment house… in which all aspects of the business and product focus would be shifted to the group's subsidiaries, including distribution of products and customer service and care. This means that the customer division will be eliminated and its activity transferred to the business units. The CEOs of the subsidiaries will be responsible for their companies' entire value chains. The measure will be accompanied by layoffs."

Ya'ari, 43, was appointed to head Psagot's customer relations system three years ago. He was responsible for one of the company's largest divisions, which distributed its products to all of its distribution channels (banks, agents, and direct distribution). In his previous position, he was VP private customers, and before that, VP private customers in the provident and pension fund company, customer retention department manager, overseas desk manager, and portfolio manager at Psagot Securities.

Kaplan was appointed CEO of Psagot a month ago, after former CEO Barak Soreni announced his resignation. Kaplan faces many challenges at Psagot, first and foremost the sale by Apax Partners, managed in Israel by Zehavit Cohen, of its investment in Psagot. Apax Partners, Psagot's sole shareholder, acquired a controlling interest in the investment house in 2010.

Published by Globes, Israel business news - en.globes.co.il - on October 24, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

Rami Ya'ari  / Photo: Rafi Delouya, PR
Rami Ya'ari / Photo: Rafi Delouya, PR
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