Paz CEO to step down over dispute with chairman

Yona Fogel

Yona Fogel is in dispute with the Israeli fuel company's chairman Avraham Bigger over plans to spin off real estate activities.

Globes correspondent Paz Oil Company Ltd. (TASE:PZOL) CEO Yona Fogel; is set to step down following differences of opinion with the fuel company's chairman Avraham Bigger on the subject of splitting the company. He is reportedly conducting talks on his resignation terms.

As part of the plan approved by the board of directors, Paz will spin off its real estate activities from its retail and commercial operations.

Fogel was also in conflict with the company's previous chairman Yitzhak Ezer, who resigned last October. Ezer was unhappy with Fogel's "management of the company, its organizational structure and future strategy."

Full disclosure: Paz chairman Avraham Bigger is an advisor to Globes board of directors

Published by Globes, Israel business news - en.globes.co.il - on September 18, 2019

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

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