Following the resignation of Sagi Yogev as CEO of Migdal Insurance, after just a year in the post, because of differences of opinion with controlling shareholder Shlomo Eliahu, Yiftah Ron-Tal has now resigned as chairperson of the company after eighteen months.
In his letter of resignation, Ron-Tal wrote, "From the time that I took up the post, and throughout the period, I acted both to stabilize and improve the work of the board of directors, and to stabilize and advance the company, while maintaining strict corporate governance, in an extremely challenging and complex corporate and business environment. Unfortunately, the conduct in connection with the company’s ownership structure and the corporate governance that derived from it very much limited, and still limit, the required corporate independence of the board and management, and, as a result, the ability to act to stabilize the company and work for its strategic and business advancement.
"Unfortunately, the resignation letter of the company’s CEO Sagi Yogev of October 31 2022 describes well and accurately this problematic situation."
Migdal Insurance Company parent company Migdal Insurance and Financial Holdings (TASE: MGDL) said in a statement, "The company denies the claims raised in the letter concerning the company and Migdal Insurance. The company is committed to implementing and promoting the principles of proper corporate governance and acts to advance the goals of the companies in the group, including Migdal Insurance, and to ensuring their stability and prosperity."
Ron-Tal is the sixth chairperson to leave Migdal Inurance since 2014.
Published by Globes, Israel business news - en.globes.co.il - on November 9, 2022.
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