In a dramatic development in the race for the chairmanship of Bank Leumi (TASE: LUMI), the bank's CEO, Galia Maor, has officially announced that she is running for the post and will send the application forms to the bank's appointments committee this evening. Maor made her decision after incumbent chairman Eitan Raff announced this morning that he had decided not to submit himself for reelection as a member of the bank's board of directors, and to retire after the end of his term as director in the next few months.

In the past Maor has said that she will not be a candidate for the chairmanship ofo the bank as long as Raff is in the picture. Maor will be up against at least four other candidates: Ori Yogev, Moshe Tery, Israel (Izzy) Tapoohi, the prime minister's candidate, and Dr. David Klein, Shlomo Eliahu's candidate.

It is believed that if Maor does not become chairman she will not continue as CEO of Leumi, so that, in any event, her current position will become vacant. Three people have been mentioned as possible successors: the head of Leumi's Corporate Division, Rakefet Russak-Aminoach, who is close to Maor, senior deputy CEO and CFO Zeev Nahari, and Clal Insurance CEO Shai Talmon.

Published by Globes [online], Israel business news - www.globes-online.com - on January 24, 2010

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