JERUSALEM, July 17 (Reuters) - The chief executive of Israel’s stock exchange, who oversaw its growth into a developed market, will step down from the bourse at the end of 2013, expressing disappointment the board did not support her plans to increase trading volumes.
Ester Levanon joined the Tel Aviv Stock Exchange (TASE) in 1986 and was appointed CEO in 2006. Her aim was to expose the TASE to foreign investors as part of a process of developing it into a global exchange.
In the past few years, FTSE and MSCI upgraded the Tel Aviv exchange to developed market status from an emerging market. Levanon was also responsible for turning the TASE into a fully automated exchange for securities, bonds, T-bills and derivatives.
However, trading volumes have fallen.
Levanon said in her resignation letter that she had presented to the TASE’s board a detailed plan to boost liquidity and improve turnover, some of which are being implemented while others were in advanced stages of implementation.
“To my regret, I do not feel emphatic support for the plan,” she wrote. “Without full support from the board, chances of the plan’s success are not high. Since I place the utmost importance of harmony and coherence between management and the board, I decided to end my work at the exchange at the end of December.”
Levanon previously had founded and managed the computer division of Israel’s internal security service, known as the Shin Bet.
The TASE did not say who would replace Levanon. (Reporting by Steven Scheer; Editing by Louise Heavens)