The chairman of Israel’s Paz Oil has announced his resignation, effective immediately.
Yitzhak Ezer, an accountant by trade who was appointed in 2016, blamed differences with board members and management for the decision, according to a resignation letter posted to the Tel Aviv Stock Exchange (TASE).
“For a while, there have been deep disagreements between me – and not only between me – and most of the members of the board of directors and management on the way to manage the company, its organizational structure and its future strategy,” Ezer wrote in his resignation letter published Tuesday by Paz to the TASE.
There was no comment from Paz, which said Gabriel Rotter, a director since 2010, would temporarily serve as chairman, Reuters reported.
Paz Oil is 61 percent owned by a conglomerate of Israeli financial institutions led by Clal Insurance, Meitav Dash, Phoenix Holdings, Harel Insurance, Menora Mivtachim and Migdal Insurance.
The firm has a market value of $1.6 billion (NIS 5.8 billion) and is Israel’s largest distributor of refined oil products.