The appointments committee of Bank Leumi (TASE: LUMI) has recommended making current CEO Galia Maor a director of the company. The committee also recommended extending the terms of four current directors. The moves essentially pave the way for Galia Maor to become the next chairwoman of the bank's board.
The moves are expected to lead to several court petitions to dispute the decisions.
The board of directors of Bank Leumi (TASE: LUMI) pushed up a critical meeting to 11:30 today. It was originally scheduled for this evening.
At the end of the meeting, the board will announce the agenda for the shareholders' meeting to be held on March 7th. That meeting will consider leading shareholder Shlomo Eliahu's nominee for chairman of the board, former Governor of the Bank of Israel David Klein.
Bank Leumi CEO Galia Maor is also seeking the post, which has led to controversy following a call for a cooling off period as set by law. Both the Ministry of Finance and Ministry of Justice have said that they consider Maor to be within that period, so that she cannot run for the position. Backers of Maor have said that she is considered to have "special talents" which exempt her from the cooling off period.
Published by Globes [online], Israel business news - www.globes-online.com - on January 31, 2010
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