Migdal Insurance Board Chairman Moti Rosen was forced to terminate his position yesterday following pressure from the board. Rosen’s retirement issue was first published in Maariv on Tuesday. CEO Ron Oz.
In fact, the board had to choose between Oz and Rosen, as Oz made it clear unequivocally that in the current relationship with the chairman he would not be able to continue in his post.
All efforts to bridge the gap between the two, including board members Carmi Gilon and Ronit Bodo, were in vain. Rosen subsequently drew the conclusions and decided to terminate his position. The Count will be awarded special compensation of millions of shekels for the earlier-than-expected termination as chairman, in addition to the one million shekels he received upon taking office.
Payments are subject to the approval of the General Meeting. It seems that one of the current members of the board of directors will serve as the new chairman of Migdal Insurance. Among the names mentioned: Aryeh Mintkevitz and Carmi Gilon.
Migdal becomes a company in which the controlling shareholder Shlomo Eliyahu is unable to hold for a long time a director or chairman of the board of directors who does not have complete control over him.