Breaking News

TASE chair Steinberg resigns over pay

Arik Steinberg stated a significant TASE shareholder experienced blocked inventory-based compensation.

&#13
&#13

&#13

Tel Aviv Inventory Trade (TASE) chairperson Arik Steinberg declared his resignation yesterday. In his resignation letter to the TASE board of administrators Steinberg wrote that he was resigning “due to the fact of a lack of willingness in basic principle on the component of a substantial shareholder in the inventory trade to contemplate awarding inventory-dependent payment as component of the work arrangement for the posture of chairperson of the Tel Aviv Inventory Trade.”

&#13

The principal shareholder in the TASE is US financial investment fund Manikay Companions, which purchased a 19.9% stake for $31 million in 2018. Manikay Associates now holds 19.48% of the TASE, well worth NIS 316 million.

&#13

Steinberg was appointed chairperson of the TASE final December, soon after the board unanimously acknowledged the recommendation of its search committee. Steinberg experienced been serving as acting chairperson given that the earlier incumbent, Amnon Neubach, stepped down on August 1 previous calendar year.

&#13

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

&#13

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

&#13
&#13

&#13

Arik Steinberg  credit: Sivan Faraj

Arik Steinberg credit rating: Sivan Faraj