Migdal Insurance chairman Moti Rosen has been unable to reach agreement with the board of directors, who see his financial demands as exaggerated, and he has therefore been ousted rather than allowed to resign. Rosen has been at loggerheads with Migdal’s CEO Ran Oz and the two have been unable to work together. The board has backed Oz rather than Rosen.
A statement from the Migdal board said, “Due to the disagreements and differences which cannot be bridged between the Migdal CEO and Migdal chairman about the way things should be managed, the board will act to end the term of office of the Migdal chairman in his role.”
RELATED ARTICLES
Migdal defuses confrontation with regulator
Rosen also serves as CEO of Migdal’s parent company Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL) and although the board has no power to remove him from that job, he is likely to be required to step down.
Rosen only took up his post as Migdal chairman on January 3, replacing Nir Gilad, who was also forced out after disputes with the board of the parent company.
Rosen had reportedly wanted a compensation package of NIS 5-6 million, having already received NIS 1 million compensation because of the delay in his appointment.
Published by Globes, Israel business news – en.globes.co.il – on March 11, 2021
© Copyright of Globes Publisher Itonut (1983) Ltd. 2021