A majority of IDB Holding Corp. Ltd. (TASE:IDBH) bondholders have voted in favor of Aharon Fogel's appointment of chairman of its operational subsidiary, IDB Development.
Fogel, the former chairman of Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL), was appointed last week as IDB Development chairman by its new owners, Eduardo Elsztain and Moti Ben-Moshe, to succeed Nochi Dankner, who lost control of the company. The court approved the appointment a few days later.
Fogel recently notified the IDB settlement trustees, Eyal Gabay and Adv. Hagai Ullman, that he will not ask for a salary at this time. However, he did not promise that this would continue throughout the interim period. It cannot be ruled out that if the interim period is extended, his salary could come up again.
Fogel will chair the new IDB board of directors that Gabay and Ullman created. The directors include Elsztain (with Saul Lapidus as his alternate), Ben-Moshe, two serving external directors, Giora Inbar and Henry Ben-Shaul, two independent directors, Ilan Halperin and Tami Gottlieb; and two directors who will be appointed by IDB's creditors.
Although IDB Holding's securities are still listed on the Tel Aviv Stock Exchange (TASE), the company's board of directors has been disbanded, and the company will be liquidated, leaving IDB Development as the company at the top of the conglomerate.
Published by Globes [online], Israel business news - www.globes-online.com - on January 14, 2014
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