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In the vicinity of the Psagot Investment House, they stated that the reason for Saban’s resignation was related to personal matters. The board of directors of Psagot’s provident and pension company has set up a search committee to find an alternative CEO. Psagot Gamel is a major player in the field of provident and continuing education, and manages assets in these areas amounting to over NIS 70 billion.
Saban took office in early July, replacing former CEO Yifat Mizrahi, who left to run the Phoenix Provident and Pension Company as CEO of Excellence Provident and Pension Company. Prior to that, Saban served for many years in various and senior positions at Yashir Direct, and even as Deputy CEO of Bituach Yashir. He also served as VP of Business Development at Shlomo Sixt and previously in various positions at yes.
Psagot Investment House is currently in a challenging period. The controlling owner of Psagot, the Apax Fund, managed by Zehavit Cohen, has been trying for some time to find a buyer for the investment house. In recent months, it has been reported that it is in contact with a group of foreign investors led by Ron Weisberg at a relatively low value of NIS 1.5 billion, but it is not clear how far these contacts have progressed. The departure of a senior manager at the investment house in a short time is another headache for the controlling shareholder.
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