Immediate Report
March 26 2009 - 6:37AM
UK Regulatory
TIDM80OA
RNS Number : 5278P
Bank Hapoalim B.M.
26 March 2009
Head Office
63 Yehuda Halevi St., Bank Hapoalim Bldg., Tel Aviv 65781
Tel: 972-3-5673800; Fax: 972-3-5674576
Date: March 25, 2009
Reference: 802/09
+-------------------------------------------+
| To:The London Stock Exchange |
+-------------------------------------------+
Dear Sir or Madam,
RE:Immediate Report
Bank Hapoalim B.M. (hereinafter: "the Bank") respectfully advises as follows:
The Chief Executive Officer of the Bank, Mr. Zvi Ziv gave notice today, 25th
March, 2009 in the afternoon, to the Board of Directors of the Bank, of his
decision to retire from office towards the end of the year.
Mr. Ziv said in his notice of retirement:
"After 35 years with the Bank and after taking part in many of the Bank's
achievements during these years, I decided it is time to seek new challenges.
My decision to shorten my period of employment is due to differences of opinions
between myself and the chairman of the Board of Directors regarding the plans of
the Bank for the future, as to the manner of achieving its goals for the coming
years.
My retirement at this time is due to the fact, which I note with satisfaction,
that we have ridden out with great success the most challenging year, which the
Bank has known, in the wake of the ever- growing financial crisis, which the
global economy has experienced. At the beginning of the year, we were faced with
pitfalls and storms, but we contrived to act in harmony, with wisdom and
determination, in order to contain the potentially harmful effects on the Bank
and to prepare it, in the best possible way, for the future.
With the change-over, I will hand over to my successor a prime bank, which was
able to cope with the global crisis in an impressive and skilful way and which
is set to cope with the challenges of tomorrow with efficiency and outstanding
ability".
The Chairman of the Board of Directors, Mr. Danny Dankner, said that the
fellowship between himself and Mr. Zvi Ziv deepened in the course of the last
year, in their common struggle with the implications of the global financial
crisis.
Mr. Dankner added:
"The leadership and determination with which Zvi Ziv acted and the harmony
prevailing between us in leading the complex measures which the Bank was forced
to take over the last year, strengthened greatly the bond between us and my
esteem for him.
Zvi Ziv skillfully led the Bank to the highest returns and profits, which the
Bank has ever known. The last six months his determined and well-judged actions
in the face of the effects of the global crisis are the signal mark of esteem of
his leadership.
In the course of the coming year, I will continue to work with him closely
and in a spirit of fellowship, in order to tap his professionalism and
leadership and act as one in order to secure the primacy and future of Bank
Hapoalim."
The Board of Directors of the Bank has resolved that Mr. Ziv's replacement in
the office of Chief Executive Officer will be Mr. Zion Kenan who until now held
the office of Deputy CEO and Head of Corporate Banking and who in the past held
office as Head of Retail Banking and Head of Human Resources and Logistics.
Mr. Kenan's appointment is subject to the approval of the Supervisor of Banks.
Yours faithfully,
Bank Hapoalim B.M.
( - ) ( - )
+------------------------------+---+--------------------------------+
| Ilan | | Yoram |
| Mazur, Advocate | | Weissbrem |
| Chief | | |
| Legal Adviser | | Secretary of the Bank |
+------------------------------+---+--------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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