Bank Leumi CEO Galia Maor announced on Sunday that she is stepping down after nearly 17 years at the helm of one of Israel's largest banks. Maor, who joined Leumi in 1991 and became CEO in 1995, said in a statement on Sunday that she had waited to announce her resignation until the bank's management had completed a multi-year plan. The timing of her departure would allow time for a hand-over to her as-yet-unnamed successor. Maor's announcement came as a surprise to many in the upper echelons of Israel's banking industry and also launched the race for potential candidates to replace her. Among the names floated as her replacement are Bank Leumi Senior Deputy CEO Rakefet Russak-Aminach, former CEO of Discount Bank Giora Ofer, Rony Hizkiyahu, the former supervisor of banks who held various positions in Israel's banking industry prior to his appointment at the Bank of Israel, and Kobi Haber, former budget director at the Finance Ministry.
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Experts surmise that Maor's departure, which is expected to go into effect in the second quarter of 2012, will lead to widespread personnel changes in Israel's banking industry. As the woman who managed one of the country's two largest banks for almost 17 years, and took office during the tenure of Prime Minister Yitzhak Rabin, Maor is intimately familiar with Israel's credit portfolio.
Bank Leumi's annual report for 2011, expected to be released in about three months, is likely to paint an unpleasant picture yet it might still look rosy if the economic slowdown that some experts have forecasted for 2012 takes hold.
Maor's retirement marks the peak of a wave of departures of senior Israeli business officials in recent months, including Cellcom CEO Amos Shapira and Partner Communications CEO Jacob Gelbard, among others.
Just one day after Maor announced her resignation, Teva President and CEO Shlomo Yanai also said he would be stepping down in May after five years on the job, Israel Radio reported on Monday. During his tenure the pharmaceutical giant's earnings tripled, according to Israel Radio. Jeremy Levin, a former senior executive at Bristol-Myers Squibb, is set to replace Yanai. Teva said Yanai has decided to move on to a new phase in his career.
Levin was chosen after a protracted search by the board, headed by Phillip Frost, with the participation of Yanai. He was considered the right man for the job by virtue of his strategic vision, deep knowledge of the pharmaceuticals industry and leadership and management qualities, Teva said in a statement.
The company also said Levin has accrued more than 25 years of experience in the global drugs industry. He joined Bristol-Myers Squibb in 2007. He has had direct responsibility for strategy, alliances and transactions, and managed its portfolio of alliances. Before joining Bristol-Myers Squibb, Dr. Levin served from 2003 to 2007 as Global Head of Business Development and Strategic Alliances at Novartis. Earlier, he was CEO of Cadus Pharmaceuticals, a company he took public, Teva stated.
I have had a marvelous experience at Bristol-Myers Squibb," said Levin, "However, the opportunity to live and work in Israel and to contribute to and grow one of the countrys great institutions is compelling."
Levin, 58, was born in South Africa and has lived in the United States since 1986. In addition, he has lived in Zimbabwe, Great Britain, Switzerland and Israel. He received an undergraduate degree from Oxford University in Zoology, masters and doctoral degrees from Oxford University in Molecular Biology, and a medical degree from Cambridge University. He was the 2005 recipient of the Albert Einstein Award for Leadership in Life Sciences, awarded by Shimon Peres. Dr. Levin has served as a practicing physician at University hospitals in South Africa, the United Kingdom and Continental Europe. He and his wife, Margery Feldberg, have been married for 25 years and have two college-age daughters.
In her announcement, Maor said, "Now that the management has completed preparing the multi-year work plan and that I am confident of the team's ability to successfully implement the plan, I have finally made my decision."
Maor also said she would respect the request of Bank Leumi Chairman David Brodet to leave her post only after a replacement has been selected and trained. Brodet said a board-appointed committee would choose a new CEO.
Prior to joining Leumi, Israel's largest bank in terms of assets, Maor served in a number of senior management posts at the Bank of Israel between 1963 and 1989, including supervisor of banks in 1982-1987.
Brodet also responded to Maor's resignation and said that while she is not officially stepping down right away, "It is important for me to emphasize her enormous contributions to the Leumi Group," Brodet said.
"Maor's contribution to the development, growth, prosperity, centrality and profitability of Bank Leumi over the past 20 years cannot be understated," Brodet said. "Maor is a model of management that is second to none ... There is no doubt she leaves behind a glorious heritage."
Maor's announcement also drew a rare response from one of Leumi's competitors, Bank Hapoalim Chairman Yair Seroussi and CEO Zion Kenan, who released a statement saying, "Galia Maor is a prominent and influential figure in the Israeli banking industry and in the Israeli economy in general. During her tenure as CEO of Bank Leumi, she conducted herself responsibly, transparently, fairly and benevolently. She contributed a great deal to the introduction of international banking standards in Israel and took pains to create fierce yet fair competition among Israeli banks, to the benefit of clients and the economy."
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