October 2, 2018 / 12:22 PM / 2 months ago

Israel's Paz Oil chairman resigns in rift with board, management

JERUSALEM, Oct 2 (Reuters) - Yitzhak Ezer, the chairman of Israel’s Paz Oil, said on Tuesday he was resigning effective immediately, citing differences with other board members and management.

Ezer was appointed chairman of Paz, Israel’s largest distributor of refined oil products, in 2016.

“For a while, there have been deep disagreements between me — and not only between me — and most of the members of the board of directors and management on the way to manage the company, its organisational structure and its future strategy,” Ezer wrote in a resignation letter that Paz published to the Tel Aviv Stock Exchange.

He added that recommendations by the board’s appointments committee “raise serious questions” over Paz’s corporate governance.

An accountant by trade, Ezer said he chose to resign as chairman and as a director because he was unable to make changes.

Paz did not comment further on the resignation but said Gabriel Rotter, who has been a director since 2010, will serve as chairman on a temporary basis.

The company, which has a market value of 5.8 billion shekels ($1.6 billion), is 61 percent owned by a number of Israeli financial institutions led by Clal Insurance, Meitav Dash, Phoenix Holdings, Harel Insurance , Menora Mivtachim and Migdal Insurance .

$1 = 3.6448 shekels Reporting by Steven Scheer; Editing by Adrian Croft

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