Paz chairman quits, cites serious corporate governance issues

Paz Photo: Eli Yahav

Yitzhak Ezer has resigned following a rift with the energy company's management.

Paz Oil Company Ltd. (TASE:PZOL) chairman Yitzhak Ezer has resigned due to serious differences with the company's management headed by CEO Yona Fogel. Ezer became chairman of Paz in 2016.

In his resignation letter, he mentions the differences with the company's management and added, "In my opinion, the way in which the board of directors appointments committee chose recommended candidates by it raises serious questions regarding corporate governance at the company."

It is believed that Ezer is referring to the way that the Ashdod refinery has been integrated into Paz's operations.

Fogel responded, "Paz operates according to the required regulations and for every position the board of directors recommends two candidates to diversify the options for selection."

Published by Globes [online], Israel business news - www.globes-online.com - on October 2, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

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Paz Photo: Eli Yahav
Paz Photo: Eli Yahav
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