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Israeli credit card firm Isracard names outgoing Teva CFO as chairman
June 21, 2017 / 11:26 AM / 6 months ago

Israeli credit card firm Isracard names outgoing Teva CFO as chairman

TEL AVIV, June 21 (Reuters) - Israel’s biggest credit card company Isracard on Wednesday named Eyal Desheh, the outgoing chief financial officer of Teva Pharmaceutical Industries , as its new chairman.

Teva in April said Desheh would step down at end-June after nearly a decade in the job, the second top official to resign from the Israel-based company this year.

Isracard is a unit of Bank Hapoalim, Israel’s largest lender. A new regulation requires that Hapoalim and top rival Leumi sell off their credit card units in the coming years.

Teva was left without a permanent chief executive in February after Erez Vigodman stepped down, leaving new management to restore confidence in the world’s biggest generic drugmaker after a series of missteps. Then chairman Yitzhak Peterburg replaced Vigodman on a temporary basis.

At Isracard Desheh replaces Ronen Stein, deputy CEO of Hapoalim. Under new rules, a manager at the credit card companies cannot also serve as a member of board of management at a bank.

Desheh served as deputy CFO at Teva from 1989 to 1996 before becoming CFO of Scitex and then Check Point Software Technologies. He returned as Teva’s CFO in 2008 and was acting CEO from October 2013 to February 2014.

Michael McClellan has been named interim CFO at Teva, where for the last two years he was CFO of Teva’s speciality medicines division. (Reporting by Tova Cohen; Editing by Steven Scheer and David Evans)

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