Galia Maor stepping down as Leumi CEO
'Iron lady' of Israeli economy informs board of directors of her decision to retire after running country's second largest bank for 17 years
Maor, 68, who has earned international praise for running Israel's second largest bank, informed the bank's board of directors of her decision on Sunday. Her deputy, Rakefet Russak-Aminoach, is one of the leading candidates to replace her.
Maor said in her statement to the board, "Now, after the management has finalized the perennial work plan for the bank and the group, and feeling certain that the existing team will be able to implement and fulfill the plan successfully, I have reached a decision to retire."
Under Maor's management, the bank emerged from the 2008 financial crisis almost unscathed. Forbes magazine has recognized her performance in past years by placing her on its list of the world's 100 most powerful women.
Maor is expected to leave office during the second quarter of 2012 after her replacement is selected and trained, as per the request of Chairman of the Board David Brodet.
Brodet said in response to Maor's decision, "We are not bidding farewell to Galia yet, but I must stress her huge contribution to the Leumi Group. Galia's contribution to Leumi's development, growth, centrality and profitability cannot be denied.
"Maor is a one-of-a-kind management model – a model combining long-term vision with professionalism, knowledge of details and unusual implementation ability. There is no doubt that she is living behind a glorious legacy."
Brodet added that the new CEO would be selected in an organized manner by the board's search committee.
Eli Shimony and The Associated Press contributed to this report
