Arik Steinberg  credit: Sivan Faraj

TASE chair Steinberg resigns over pay

Arik Steinberg mentioned a big TASE shareholder had blocked stock-dependent compensation.

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Tel Aviv Stock 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 “mainly because of a lack of willingness in principle on the element of a considerable shareholder in the stock exchange to think about awarding stock-dependent compensation as element of the work agreement for the placement of chairperson of the Tel Aviv Inventory Trade.”

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

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Steinberg was appointed chairperson of the TASE final December, following the board unanimously accepted the suggestion of its look for committee. Steinberg had been serving as performing chairperson considering that the previous incumbent, Amnon Neubach, stepped down on August 1 last calendar year.

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Revealed by Globes, Israel small business news – 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