The crisis in the tower: Shlomo Eliyahu, the controlling owner of Migdal Insurance Company, sent a letter to all the directors of Migdal Insurance today (Tuesday) in an effort to find a solution to the crisis of trust between the chairman of the board, Moti Rosen, and Ran Oz, CEO. The board will convene today at 5 p.m. to discuss the issue of the sharp dispute between the CEO and chairman. All parties, including the Supervisor of Insurance in the Ministry of Finance, expect that a compromise solution will eventually be found that will allow the two to serve.
In the letter, the contents of which reached Maariv, Eliyahu asks: “Although I am not an officer, in my reference to recent events, the good of the company requires that both Moti Rosen and Ran Oz continue in their positions on the board.”
He said, “When I offered Moti Rosen the position of chairman, I thought that his skills complement those of Ran Oz and that together they could promote and this is possible. I expect you to put aside the disputed issues and that the good of the company is that the two will continue to cooperate and the board must ask both of them to continue working together. “Rosen served for many years as senior manager of the Harel Insurance Group and the Menora Group.
Ran Oz, CEO of Migdal (Photo: PR)- Just before the 2021 elections: Senior members of the 2021 parties answer the difficult questions
The chairman of Migdal confirms that Rosen recommended that it be not worthwhile to approach the IEC tender because Migdal already constitutes 50% of the market. Despite this, the CEO chose to go to the board of directors that decided not to approach the tender. Migdal’s chairman prevented the CEO from holding an analyst conference because Migdal Insurance is a private company. Migdal Holdings is a public company and there is no reason why the CEO of a private subsidiary should do an analyst conference because that is the role of the parent company Migdal Holdings.
Regarding the future of Amit Oron as director of the health division, it should be noted that Oron already serves as the director of the long-term savings and life insurance division and only those who have no idea in the insurance industry will also burden Oron with the management of the health division. “Putting the same person as a long-term savings manager and as a health manager is a complete misunderstanding of insurance,” say those around the chairman.
Migdal’s board of directors is concerned about the assets in the provident and life insurance pensions, when over NIS 9 billion was transferred to competitors and the volume of departures in January 2021 amounted to more than NIS 1 billion.