TASE Chairman Steinberg resigns due to salary

Arik Steinberg said a major TASE shareholder had blocked share-based compensation.

Tel Aviv Stock Exchange (TASE) chairman Arik Steinberg announced his resignation yesterday. In his resignation letter to TASE’s board, Steinberg wrote that he resigned “due to a principled unwillingness on the part of a major shareholder on the stock exchange to consider granting share-based compensation as part of the employment agreement as chairman of the Tel Aviv Stock Exchange.”

The main shareholder in TASE is the American investment fund Manikay Partners, which bought a 19.9% ​​stake for $ 31 million in 2018. Manikay Partners now owns 19.48% of TASE worth NIS 316 million.

Steinberg was appointed chairman of TASE in December last year after the board unanimously accepted the recommendation of its search committee. Steinberg had served as acting chairman since the former incumbent, Amnon Neubach, resigned on August 1 last year.

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

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

Arik Steinberg credit: Sivan Faraj

Arik Steinberg credit: Sivan Faraj

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