January 1, 2012 / 4:00 PM / 8 years ago

Israel's Bank Leumi CEO Maor steps down after 16 years

JERUSALEM, Jan 1 (Reuters) - Galia Maor will step down as chief executive officer of Bank Leumi, one of Israel’s two largest banks, during the second quarter of this year after 16 years in the job.

Maor, who joined Leumi in 1991 and became CEO in 1995, said in a statement on Sunday that she had waited to announce her resignation until the bank’s management had completed a multi-year plan. The timing of her departure would allow time for a handover to her as yet unnamed successor.

Prior to joining Leumi, Israel’s largest bank in terms of assets, Maor served in a number of senior management posts at the Bank of Israel between 1963 and 1989, including supervisor of banks in 1982-1987.

Leumi Chairman David Brodet said a board-appointed committee would choose a new CEO, and paid tribute to Maor saying: “There is no doubt she leaves behind a glorious legacy.” (Reporting by Steven Scheer; Editing by Ruth Pitchford)

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