Psagot Provident and Pension CEO Kobi Saban announced his resignation as CEO of the company today, “due to personal circumstances, which are not related to Psagot in any way.” Saban’s retirement is immediate and he no longer holds the position.
Saban was elected CEO Peaks Provident and pension early last July, one of the largest provident companies in the domestic market, and holding one of the four default pensions selected by the state. Saban was previously Deputy CEO of IDA Insurance (known to the general public as “Direct Insurance”), and was selected for the position at Psagot by CEO of the Reuven Kaplan Investment House. In his retirement announcement, Saban wrote that he made the decision “with pain and sorrow.”
At the same time as Saban’s immediate retirement, a new CFO was also appointed to the provident and pension peaks, after being approved by the company’s board of directors at a meeting held today. In the vicinity of the investment house, they explained that there was no connection between the cases, even though they both happened today, and that the outgoing CFO of Psagot Gamel was replaced after his predecessor announced his departure a few months ago.
As of the end of August this year, Psagot Provident had assets amounting to NIS 52.5 billion in the provident and continuing education channels and another NIS 3.4 billion in the new pension channels. Psagot Provident and Pension is a significant but not unique part of the core activities of Psagot Investment House, which also holds short-term savings activities as well as financial services and hedge fund management, among others. In addition, Psagot has a distribution arm of owned agencies, with the entire investment house managing assets totaling NIS 173 billion (estimated at the end of August this year, less NIS 2.9 billion in portfolios).
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