Leumi President and CEO, Galia Maor, Announces her Resignation

CHAIRMAN of the Board of Directors, David Brodet: "Ms. Maor's Contribution to the Development, Growth, and Success of Leumi Cannot be Overstated"

News provided by

Bank Leumi

Jan 02, 2012, 06:51 ET

TEL AVIV, Israel, January 2, 2012 /PRNewswire/ --

The President and CEO of Leumi Group for the past 16 years, Ms. Galia Maor, notified the Board of Directors today of her decision to resign.

In her announcement, Ms. Maor said that the Bank's management has completed the Group's preparation of the multi-year work plan and at this time she feels that she can retire in confidence knowing that the current management team will implement the plan successfully. Ms. Maor added that she agreed to the Bank's Chairman of the Board, David Brodet's request to remain in her position until the selection of her replacement, expected by the second quarter of 2012.

Following Ms. Maor's announcement, Mr. Brodet said: "Galia is not leaving us yet, but it is important for me at this stage to emphasize her tremendous contribution to the Leumi Group. Galia's contribution to the development, growth, importance, and profitability of Leumi in the last twenty years cannot be overstated. She has been an incomparable model for management: a model combining vision and long-term perspective with professionalism, in-depth knowledge, and an extraordinary ability for performance. There is no doubt as to the magnificent legacy she leaves behind her." Mr. Brodet added that the selection process of the next CEO will be carried out in an orderly manner by a search committee of the Board of Directors.

Galia Maor joined the Leumi Group in 1991 and has been President and CEO of the Group since 1995. She began her professional career in the Bank of Israel, serving in several senior management positions from 1963 to 1989. From 1982 to 1987, she served as the Supervisor of Banks. After leaving the Bank of Israel and before joining the Leumi Group, Ms. Maor served as advisor to the World Bank. Over the years, Ms. Maor has contributed from her experience to various committees on matters of legislation, the structure of the capital market, and the banking system. Galia Maor is also active in charity and social organizations including serving as Chairperson of the Friends of "Yeladim - Fair Chance for Children."

Contact:
Linda d'Angelo, International Spokesperson
Bank Leumi le-Israel B.M., 35 Yehuda Halevi Street, Tel Aviv, Israel 61000
Tel: +972-3-514-9404
Fax: +972-3-514-9339
Cell: +972-50-651-9523

SOURCE Bank Leumi