"I repeatedly warned Shlomo Maoz about his outbursts, and he promised me that things would change," Excellence Investments Ltd. (TASE: EXCE) CEO David Baruch told the investment house's employees in a letter, which Hebrew daily "Yediot Ahronot" published today.
In the letter, Baruch detailed the circumstances that led to his firing of Maoz last week, following his screed during a speech against Bank Leumi (TASE: LUMI), the Supreme Court, and other parties at the Sapir Academic College.
Baruch said, "We've been in the heart of a media storm following Shlomo Maoz's remarks. Regrettably, they are trying to drag us into a debate that we are not a party to, and which does not reflect the spirit and culture of Excellence."
"Every employee of Excellence has the right to hold any opinion and to participate in any debate. As for Shlomo, the problem is not over what he said, but the gross style in which he said it and as a senior executive of a company that provides services to the entire Israeli public.
"An integral part of the proper management of any business is that its officers and service providers may not exploit their position and job in such a way. As a company that is engaged in the management of the public's money, we have the duty of not mixing personal interests and opinions with day-to-day business. We must make certain that our decisions are based on established professional values and variables."
Baruch concluded, "Shlomo's latest remarks came after many such gross comments… I warned him about his remarks in several private conversations, and he promised to stop, but regrettably he didn’t. I must emphasize that this was not a spur of the moment decision based on a single incident, but after Shlomo was repeatedly warned."
Published by Globes [online], Israel business news - www.globes-online.com - on January 15, 2012
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