TASE chair Steinberg resigns over pay

Stahlman

Arik Steinberg said a important TASE shareholder experienced blocked inventory-dependent compensation.

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Tel Aviv Inventory Trade (TASE) chairperson Arik Steinberg announced his resignation yesterday. In his resignation letter to the TASE board of directors Steinberg wrote that he was resigning “due to the fact of a lack of willingness in basic principle on the section of a substantial shareholder in the inventory trade to take into account awarding inventory-primarily based payment as aspect of the employment settlement for the place of chairperson of the Tel Aviv Stock Exchange.”

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

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

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Revealed by Globes, Israel 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 history: Sivan Faraj

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