July 3, 2022

Ztrdam

Good Business

TASE chair Steinberg resigns over pay

Arik Steinberg stated a key TASE shareholder had blocked inventory-primarily based payment.

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Tel Aviv Inventory Trade (TASE) chairperson Arik Steinberg declared his resignation yesterday. In his resignation letter to the TASE board of directors Steinberg wrote that he was resigning “due to the fact of a absence of willingness in principle on the component of a significant shareholder in the stock trade to think about awarding inventory-dependent payment as section of the employment settlement for the position of chairperson of the Tel Aviv Inventory Exchange.”

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The most important shareholder in the TASE is US investment fund Manikay Partners, which bought a 19.9% stake for $31 million in 2018. Manikay Partners now retains 19.48% of the TASE, well worth NIS 316 million.

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

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

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

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Arik Steinberg  credit: Sivan Faraj

Arik Steinberg credit: Sivan Faraj