Published On: Thu, Aug 22nd, 2013

Discount Bank CEO Reuven Spiegel to step down in April 2014

Spiegel cites personal and family reasons for his decision
Discount Bank CEO Reuven Spiegel - Globes - Tamar Matzafi
Discount Bank CEO Reuven Spiegel / Tamar Matzafi
/ By Nadav Neurman /
Israel Discount Bank (TASE: DSCT) CEO will step down in less than a year. On Wednesday, he notified chairman Dr. Yossi Bachar of his decision to leave the bank on March 31, 2014, citing personal and family reasons. He said that he decided to announce his decision now, in order to give the board of directors time to carry out an orderly and thorough search for and appointment of a new CEO, and to complete measures that he has led in the past few years.

Spiegel (56) joined Discount Bank in 2001 as a member of management, and held a series of senior posts, including head of the Banking Division, through January 2006. In 2006-10, he was CEO of subsidiary Israel Discount Bank of New York. In August 2010, he was appointed CEO of Discount Bank, and took up the post in January 2011. During his tenure, he introduced several important measures, including restructuring of the bank and its units, implementing a strategic plan to improve the capital base, and extensive streamlining.

Spiegel’s salary was NIS 2.1 million ($580K ) in 2012, and Bachar’s salary was NIS 1.92 million ($533K).

Bachar said, “I regretfully accept Reuven Spiegel’s decision to step down. Reuven has been a highly esteemed CEO, an outstanding colleague, and a friend. I recognize and understand his considerations, and I wish him well.”

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