TASE chair Steinberg resigns over pay
Arik Steinberg reported a key TASE shareholder had blocked inventory-dependent payment.


Tel Aviv Stock Exchange (TASE) chairperson Arik Steinberg declared his resignation yesterday. In his resignation letter to the TASE board of directors Steinberg wrote that he was resigning “because of a absence of willingness in theory on the element of a substantial shareholder in the stock trade to take into account awarding inventory-primarily based compensation as part of the work arrangement for the position of chairperson of the Tel Aviv Inventory Trade.”

The principal shareholder in the TASE is US investment fund Manikay Companions, which acquired a 19.9% stake for $31 million in 2018. Manikay Partners now retains 19.48% of the TASE, really worth NIS 316 million.

Steinberg was appointed chairperson of the TASE very last December, just after the board unanimously recognized the recommendation of its lookup committee. Steinberg had been serving as performing chairperson due to the fact the preceding incumbent, Amnon Neubach, stepped down on August 1 very last calendar year.

Published by Globes, Israel organization information – en.globes.co.il – on April 27, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.



Arik Steinberg credit rating: Sivan Faraj