TASE chair Steinberg resigns over pay

Arik Steinberg said a key TASE shareholder experienced blocked inventory-centered compensation.

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Tel Aviv Stock Exchange (TASE) chairperson Arik Steinberg introduced his resignation yesterday. In his resignation letter to the TASE board of administrators Steinberg wrote that he was resigning “since of a absence of willingness in principle on the portion of a substantial shareholder in the inventory exchange to take into account awarding stock-dependent compensation as element of the employment settlement for the place of chairperson of the Tel Aviv Stock Trade.”

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The main shareholder in the TASE is US investment fund Manikay Companions, which purchased a 19.9% stake for $31 million in 2018. Manikay Companions now retains 19.48% of the TASE, value NIS 316 million.

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Steinberg was appointed chairperson of the TASE very last December, soon after the board unanimously approved the recommendation of its lookup committee. Steinberg had been serving as acting chairperson given that the prior incumbent, Amnon Neubach, stepped down on August 1 final 12 months.

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Printed by Globes, Israel company news – en.globes.co.il – on April 27, 2022.

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Arik Steinberg credit history: Sivan Faraj

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