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Report: Israeli insurer's deputy CEO quits over new compensation law

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Report: Israeli insurer's deputy CEO quits over new compensation law

Amir Hessel, deputy CEO and head of investment at , will resign from all his positions at the company,effective in October, Globes reportedJuly 18, citing a statement from the insurer.

Hessel cited a new Israeli capping compensation of executivesin the financial sector as the reason for his departure. Hessel, who has servedin his current roles with the Israeli insurer since 2000, intends to set up aprivate investment fund, the report noted.

Hessel is the first insurance sector executive to resign asa result of the law, and insurance market sources told the newspaper that othersare likely to follow if the law remains unchanged and comes into force.

Two senior bankers — Bank Hapoalim B.M. CEO Zion Kenan and Deputy CEODaniel Tsiddon — have also tendered resignations in light of the compensation law. Approvedby Israel's parliament in March and due to take effect in October, the law caps compensation to 2.5million Israeli shekels and subjects any amount greater than that to highertaxes.

As of July 18, US$1was equivalent to 3.85 Israeli shekels.