Migdal Insurance board chairman ousted due to disagreements with CEO

The board of Migdal Insurance Co. Ltd. has ousted Chairman Moti Rosen due to disagreements that "cannot be bridged" between Rosen and CEO Ran Oz, Globes reported.

Rosen had been unable to reach an agreement with the board regarding his financial demands, which the board views as exaggerated, and was reportedly ousted rather than allowed to resign.

Aside from the 1 million Israeli shekels he received as compensation due to his delayed appointment, Rosen allegedly wanted a compensation package between 5 million shekels and 6 million shekels, according to the report.

Rosen became chairman of Migdal Insurance Jan. 3, replacing Nir Gilad, who was also ousted due to disputes with the board of the company's parent, Migdal Insurance & Financial Holdings Ltd.

Rosen also serves as CEO of Migdal Insurance & Financial Holdings. While Migdal Insurance's board has no power to remove Rosen as CEO of the parent company, he will likely be required to step down from the role, according to the report.

As of March 11, US$1 was equivalent to 3.31 Israeli shekels.