The board of directors of Israels largest bank, Bank Leumi, on Sunday appointed senior bank official Rakefet Russak-Aminoach as the new CEO to replace Galia Maor, who recently announced her retirement after 17 years. Russak-Aminoach has worked for Bank Leumi for eight years, most recently as executive vice president and head of the banks corporate division. Russak-Aminoach is considered Maors protege and early speculations put her almost certainly at the banks helm. She edged out the other leading candidate for the position, former Bank of Israel Banks Supervisor Roni Hizkiyahu. Russak-Aminoachs appointment is still awaitng the approval of the Bank of Israel. During the course of her career, Russak-Aminoach headed Bank Leumis construction and real estate division as well as the Credit Products Department. She also oversaw the credit department of the entire Leumi group. Before joining Bank Leumi, she was a partner, and later the CEO, at the KPMG Somekh Chaikin accounting firm. Bank Leumi Chairman David Brodet welcomed the new chief on Sunday, saying that he was convinced that Russak-Aminoachs proven skills and ability would take the bank to new heights despite current challenges. Outgoing CEO Galia Maor echoed her colleagues sentiments, saying that the bank would only benefit from her successors extensive knowledge of the banks inner workings. The appointment was announced on an otherwise sad day for Bank Leumi: That morning it was announced that 800 people would be laid off under a new streamlining program aimed at reducing expenses by NIS 350 million to NIS 400 million per year over the next three years. The cuts were described as retirement of current employees and minimization of new employees, not an active laying off. In addition, the bank was set to reduce its branches offices by 10 percent by the end of 2014, to reduce the cost of rent. An additional 10% of acquisitions will be cut and the day-to-day expenses will be reined in. The cuts will mainly affect outside advisers, building maintenance costs and office expenses. Bank Leumis neighbor on Yehuda Halevi Street, competitor Bank Hapoalim, also welcomed Russak-Aminoachs appointment. Weve known Rakefet for many years, and we respect her professionalism and her experience, Bank Hapoalim Chairman Yair Seroussi said,.There is no doubt that she will uphold the longtime tradition of fierce but fair competition between our banks.
Bank Leumi taps new CEO
Executive Vice President Rakefet Russak-Aminoach will replace her former mentor, Galia Maor, CEO for 17 years • Russak-Aminoach edges out the other leading candidate, former Banks Supervisor Roni Hizkiyahu.
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