Yiftah Ron-Tal is stepping down as chairman of Migdal Insurance

After Sagi Yogev stepped down as CEO of Migdal Insurance, after only a year on the job, due to differences of opinion with the controlling shareholder Shlomo Eliahu, Yiftah Ron-Tal has now stepped down as the company’s chairman after eighteen months.

In his resignation letter, Ron-Tal wrote: “From the time I took up the position, and throughout the period, I strove both to stabilize and improve the work of the board and to stabilize and progress the company, while maintaining strict governance, in extremely demanding and complex business and business environment, unfortunately the behavior in relation to the company’s ownership and governance which resulted greatly, and still limits, the required corporate independence. board and management, and therefore the ability to act to stabilize the company and work towards its strategic and commercial progress.

“Unfortunately, the company’s CEO Sagi Yogev’s resignation letter dated October 31, 2022 describes this difficult situation well and accurately.”

The parent company of Migdal Insurance Company Migdal Insurance and Financial Holdings (TASE: MGDL) said in a statement, “The company rejects the claims made in the letter regarding the company and Migdal Insurance. The company is committed to implementing and promoting the principles of general corporate governance and works to to promote the goals of companies in the group, including Migdal Insurance, and ensure their stability and prosperity.”

Ron-Tal is the sixth chairman to leave Migdal Insurance since 2014.

Published by Globes, Israel Business News – en.globes.co.il – November 9, 2022.

© Copyright Globes Publisher Itonut (1983) Ltd., 2022.

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