Harel Insurance Investments and Financial Services Ltd. (TASE: HARL) CEO Ben Hamburger (36), considered the heir apparent of the family firm, today resigned from the company after just nine months in his post. He will move to London and establish the family's private investment business there.
Ben Hamburger is the son of Gideon Hamburger, the elder brother of Harel chairman Yair Hamburger (64), who is the company's dominant figure. Ben Hamburger joined the company in 2006 and later replaced Yair as CEO.
Ben Hamburger will be succeeded by two CEOs of subsidiaries: Michel Siboni and Shimon Elkabetz, both of whom will answer to Yair Hamburger. Siboni will continue as CEO of Harel Insurance Ltd., while Elkabetz will also be CEO of Harel Finance Ltd.
Harel is Israel's third largest insurance company with NIS 100 billion in assets under management and a market cap of NIS 4.7 billion. It is Israel's largest health insurer, one of the largest elementary insurance companies, the second largest manager of mutual funds, and the fourth largest manager of provident and pension funds.
Published by Globes [online], Israel business news - www.globes-online.com - on December 21, 2010
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