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Tel Aviv Stock Exchange's acting CEO to step down
January 10, 2017 / 1:55 PM / a year ago

Tel Aviv Stock Exchange's acting CEO to step down

JERUSALEM, Jan 10 (Reuters) - 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 share offerings. ($1 = 3.8432 shekels) (Reporting by Steven Scheer. Editing by Jane Merriman)

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