Rosen was at loggerheads with Migdal CEO Ran Oz and the two could not cooperate.
Migdal Insurance President Moti Rosen failed to reach an agreement with the board of directors, which considers his financial demands excessive, and was therefore ousted instead of being allowed to resign. Rosen was at loggerheads with Migdal CEO Ran Oz and the two could not cooperate. The board supported Oz, not Rosen.
A statement from Migdal’s board said: “Due to disagreements and differences that cannot be bridged between Migdal’s CEO and President Migdal over how to manage things, the board will act to end President Migdal’s term.”
Rosen is also the CEO of Migdal’s parent company Migdal Insurance and Financial Holding Ltd. (LEVEL: MGDL) and although the board does not have the power to remove him from the post, he will probably be required to resign.
Rosen took over as chairman of Migdal only on January 3, replacing Nir Gilad, who was also expelled after disputes with the management of the parent company.
Rosen allegedly wanted a compensation package of 5-6 million NIS, because he had already received compensation of one million NIS due to the delay in appointment.
Posted by Globes, business news in Israel – en.globes.co.il – March 11, 2021
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