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.”

Published by www.globes-online.com