March 20, 2014 / 5:07 PM / 4 years ago

Tel Aviv Stock Exchange names Amnon Neubach as chairman

JERUSALEM, March 20 (Reuters) - The Tel Aviv Stock Exchange’s (TASE) board on Thursday approved the nomination of Amnon Neubach as the Israeli bourse’s new chairman after a seven-month search.

Neubach replaces long-time chairman Saul Bronfeld, who resigned last July amid a clash with the head of Israel’s securities regulator, Shmuel Hauser, over the best way to revive trading volume on the TASE.

“I am convinced that together we will address the challenges facing Israel’s capital market at this time and will usher TASE into a new era,” Neubach said in a statement.

Neubach has been on the boards and served as chairman of several public and industrial companies, including Bezeq Israel Telecom and Bezeq mobile phone unit Pelephone. In these positions Neubach dealt with formulating and implementing major changes in business strategy, the TASE said.

He also served as Israel’s economic attache in Washington for five years and was responsible for securing guarantees for the absorption of immigrants from the former Soviet Union. Neubach served as economic consultant to former prime minister, and current president Shimon Peres during the 1980s and was involved in implementing the 1985 economic stability program.

Bronfeld had resigned a week after TASE Chief Executive Ester Levanon said she would step down at the end of 2013, expressing disappointment that the TASE’s board did not support her plans to increase trading volume.

Late in 2013, Yossi Beinart was named to replace Levanon. He had been the president and CEO of the North American Derivatives Exchange (NADEX).

Hauser, who had said that Bronfeld failed in his job, expressed confidence that Neubach and Beinart will lead the capital markets into a new era. (Reporting by Steven Scheer)

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