Arik Steinberg stated a big TASE shareholder experienced blocked inventory-based compensation.


Tel Aviv Stock Trade (TASE) chairperson Arik Steinberg introduced his resignation yesterday. In his resignation letter to the TASE board of directors Steinberg wrote that he was resigning “since of a deficiency of willingness in principle on the part of a substantial shareholder in the inventory exchange to contemplate awarding inventory-dependent compensation as part of the work arrangement for the posture of chairperson of the Tel Aviv Inventory Exchange.”

The key shareholder in the TASE is US investment decision fund Manikay Associates, which acquired a 19.9% stake for $31 million in 2018. Manikay Partners now retains 19.48% of the TASE, worth NIS 316 million.

Steinberg was appointed chairperson of the TASE final December, just after the board unanimously approved the recommendation of its look for committee. Steinberg had been serving as performing chairperson since the earlier incumbent, Amnon Neubach, stepped down on August 1 very last calendar year.

Posted by Globes, Israel business news – en.globes.co.il – on April 27, 2022.

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Arik Steinberg credit: Sivan Faraj