JERUSALEM Jan 10 The Tel Aviv Stock Exchange
(TASE), which is battling a drop in trading volumes and
management problems, said on Tuesday its acting chief executive
Gal Landau-Yaari is to step down now that the exchange's new CEO
Itai Ben-Zeev has started his job.
Gal Landau-Yaari, the exchange's chief operating officer who
was acting chief executive officer for the last six months, said
she wanted a new challenge as Ben-Zeev had taken up his role as
CEO at the start of 2017.
The exchange also said Igal Bareket, senior vice president
and chief marketing officer, had submitted his resignation.
The TASE has been trying to halt a slide in trading volumes
and company listings which has caused some friction between
management and the board's chairman Amnon Neubach.
While Israel has a flourishing start-up sector many of those
companies opt to be sold or list on New York's Nasdaq rather
than go public in their home market.
Ben-Zeev is taking over from Yossi Beinart who told the
Globes financial newspaper late last year that his relationship
with board chairman Neubach was "tense and unbearable".
Beinart had been on leave due to illness in the second half
of 2016 and announced in September that he would resign.
Ben-Zeev, who was appointed in November, was head of Bank
Leumi's capital markets division.
The TASE is in the middle of a demutualisation plan that has
already been approved by its members and Israel's government and
is awaiting parliamentary approval.
The plan aims to make the exchange more competitive, enable
it to cooperate more effectively with foreign exchanges and end
Israeli banks' control over the exchange.
Trading volumes in 2016 averaged 1.27 billion shekels ($330
million) a day, down from 1.45 billion in 2015 and 2 billion in
2010. The number of companies listed on the bourse has dropped
by 200 over the past decade to 451 while there are few public
($1 = 3.8432 shekels)
(Reporting by Steven Scheer. Editing by Jane Merriman)