Arik Steinberg reported a big TASE shareholder had blocked stock-dependent payment.


Tel Aviv Stock Exchange (TASE) chairperson Arik Steinberg announced his resignation yesterday. In his resignation letter to the TASE board of directors Steinberg wrote that he was resigning “mainly because of a absence of willingness in principle on the section of a sizeable shareholder in the inventory exchange to take into consideration awarding inventory-based compensation as part of the employment agreement for the situation of chairperson of the Tel Aviv Stock Exchange.”

The principal shareholder in the TASE is US expense fund Manikay Partners, which purchased a 19.9% stake for $31 million in 2018. Manikay Associates now holds 19.48% of the TASE, worthy of NIS 316 million.

Steinberg was appointed chairperson of the TASE very last December, just after the board unanimously acknowledged the recommendation of its look for committee. Steinberg experienced been serving as acting chairperson due to the fact the past incumbent, Amnon Neubach, stepped down on August 1 last year.

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

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



Arik Steinberg credit: Sivan Faraj