After only 5 years: Bank Hapoalim CEO Dov Kotler ends his position

Dov Kotler, CEO of Bank Hapoalim, announced today his decision to end his position after about five years in office. The date of the end of the term will be determined later, taking into account the progress of the procedure for appointing a new CEO. The bank's board of directors decided to appoint a board committee to find a CEO headed by the chairman of the board Reuven Krupik, and its other members will be Ronit Abramson Rokah, David Avner and Noam Hanegbi. The recommendations of the search committee will be brought before the board of directors, for its decision on the appointment of the CEO.

In his letter to the employees, Kotler wrote that he had made a personal decision to embark on a new path, and said that "I have the privilege of managing a committed and professional workforce in times of challenges, managing crises and realizing achievements. To my delight, the bank is today ready for the next step up after the last five years has made significant growth in every organizational parameter and economic that he has set for himself. The bank has high professional and managerial capabilities that will enable its success in the years to come. We have put in place an orderly strategy that will lead the bank until 2026 and after that with a clear change plan for its continued success. The lead in business results has been achieved, while maintaining For a moderate increase in the structure of expenses, a change in the organizational culture, and of course the great effort and commitment of the employees. On 7/10, you have been mobilized as one person to contribute your time and your ability to continue the functioning of life in the country."

Kotler further added that "the decision to establish the 'Poaleim Letakum' fund, which is a welcome initiative of the bank's chairman Reuven Krupik, was made a week later on 12/10. This decision will also affect the rehabilitation and revival of many citizens in the State of Israel in the future."

Kotler wanted to thank the chairman of the bank Reuven Krupik for the joint leadership that strengthened the bank, the members of the board of directors for their depth and support, the members of the bank's management for their cooperation, the high commitment in challenging times and a quality level of execution, and the bank's employees. During our tenure as CEO of Bank Hapoalim Kotler led the bank to many achievements, including significant growth and the improvement of the credit portfolio, an increase in the bank's market value and a return to regular dividend distribution, alongside the management of the bank's business continuity during the crisis of the Corona epidemic, the war of iron swords and many other challenges.

The chairman of Bank Hapoalim, Reuven Krupik thanked Kotler for his work and said that "under Dov's leadership, Bank Hapoalim demonstrated exceptional performance, and was an economic anchor for the Israeli economy, all this in a term full of challenges. On the side of business growth, Dov was able to maintain the right balance between the current required achievement and the inputs required to build the foundations of a future, progressive and stable bank. The bank's board of directors, and I personally, thank Dev for an open and constructive dialogue, for maintaining a framework of renewed corporate governance, and for fruitful and inclusive cooperation in every field. We all wish Dov the best possible success in the rest of his managerial career."