Yones: I don’t want to be Mizrahi Tefahot chairman

CEO Eli Yones has put an end to media reports that he might become the bank's next chairman.

"I don’t want the job, and I am not a candidate for it," declared Mizrahi Tefahot Bank (TASE:MZTF) CEO Eli Yones yesterday, putting an end to media reports that he might become the bank's next chairman, to succeed Jacob Perry.

Various parties wanted Yones as chairman of Mizrahi Tefahot Bank, and pushed his candidacy, but lukewarm responses from the Bank of Israel reportedly pushed the idea off the agenda. The Bank of Israel wants a cooling-off period between serving as CEO and chairman of a bank.

In addition, the move from CEO to chairman would involve a sharp drop in Yones' salary. He is considered one of the best-paid bank CEOs. The idea for Yones to serve as a part-time chairman, which would allow him to have other sources of income, was dropped when the Bank of Israel nixed the idea. For the past three years, it has insisted that all bank chairmen hold full-time positions.

Published by Globes [online], Israel business news - www.globes-online.com - on November 12, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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