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Press Releases


April 13, 2016


Fainaro will replace Hagai Heller who has announced his retirement, and will take office subject to approval by the Bank of Israel


Leumi Card's Board of Directors today appointed Ron Fainaro, CPA (Isr.), as CEO of Leumi Card, subject to the approval of the Bank of Israel. Fainaro will replace Hagai Heller, who resigned from his post several weeks ago.


In the past four years, Fainaro, 48, has served as First Executive Vice President and Head of the Finance Division at Bank Leumi (CFO); he will cease to hold this position once he commences his tenure as CEO of Leumi Card. An announcement regarding his successor as Head of Leumi's Finance Division will be made at a later date.


Leumi President & CEO, Rakefet Russak Aminoach, stated, regarding the appointment, that in light of the many significant challenges facing Leumi Card in the upcoming years, it is only fitting that the company be led by a competent and experienced manager such as Fainaro, who possesses extensive knowledge of the Israeli economy, the financial sector and the Leumi Group. Russak Aminoach expressed her confidence that under Fainaro's leadership as CEO, the momentum for growth that has been characteristic of Leumi Card in recent years will continue and become stronger.
Before joining Leumi, Fainaro co-founded Ronko Capital Partners. Prior to that, he held senior management positions in several companies, such as CFO of Africa Israel Investments,  Member of the Board in the Group's companies, SVP and CFO of EcTel, VP of US operations at Tecnomatix Technologies, and CFO of Lucent Technologies, to name a few.


Fainaro holds a BA with Honors in Accounting from Tel Aviv University and a B.Sc. with Honors in Physics and Materials Engineering from the Technion. Fainaro is also a certified public accountant.


As stated above, Fainaro will replace Hagai Heller, who is retiring from Leumi Card after 16 years. Heller was one of the founding members of the company, in which he held a variety of positions, and has been the CEO for the past three and a half years. The Chairperson of Leumi Card, Tamar Yasur, praised Heller's performance as CEO and noted that, despite major changes in the market and significant challenges, Heller succeeded in leading Leumi Card forward and consistently increased the company's consumer credit portfolio.