Press Release
January 24 th, 2010
Eitan Raf has given notice to the Bank's Board of directors that he has no intention of standing for reelection. This morning, Leumi Board Chairperson, Mr. Eitan Raf gave notice to the Board of Directors that, despite the many appeals made to him, he has decided not to stand for reelection as a member of the Board and to retire at the end of his tenure as a director in a few months time. Prior to this, Raf conferred with members of the Bank's appointments committee and notified them of his disposition not to stand for reelection after the termination of his current tenure
Relating to the reasons for his decision to retire at the end of his current tenure, Raf said that, after 15 highly successful years as chairperson of the Leumi Board and, after he had led the bank, (together with the CEO, members of the Board of Directors and the group's managers and employees) to the status of being the largest and leading bank in Israel, he feels that he has exhausted the position and that the time had arrived for new challenges in other places. Raf has been given a number of offers from various entities in Israel and overseas. Once he reaches a decision regarding these issues, he will announce his decision via the conventional conduits, to the extent that it would be required.
Eitan Raf has served as Leumi chairperson since April 1995. Prior to this, he served in a long series of senior management positions in the service of the country, including the Economic Attaché at the Israeli Embassy in Washington and the General Comptroller at the Ministry of Finance. On leaving the Treasury, he served as chairperson of the Board of Directors of "Yuzma" – a venture capital government company, chairperson of Bank Sapanut, CEO of Wolfson Clore Mayer and Chairperson of the Paz Board.
As chairperson of the Leumi Board, Raf also serves as chairperson of BLUSA, Bank Leumi UK and Leumi Partners. He also serves as chairperson of the Hebrew University management committee, chairperson of the public administration of the "Youth Leading to Change – After Me" Association and as a member of the "Atidim" Board.
