Nae Group Bolsters Senior Management with Key Hires from Bank Leumi

Nae Group, a leading Israeli non-bank credit company, announced a significant expansion of its senior management team on Thursday, preparing for future growth. The strategic move, developed over the past two years, includes the appointment of a new CEO, a new CFO, and adjustments to the roles and compensation of the controlling shareholder and the chairman.

Tzachi Artzi is slated to become the new CEO, assuming full-time duties by July 4, 2027, following an extensive handover period and regulatory approval. Artzi currently heads the construction and real estate division at Bank Leumi's business sector and brings approximately 25 years of experience in banking, credit, finance, and business management. He has served on Bank Leumi's credit committees.

Eti Ben-Nono will take over as CFO, also on a full-time basis, starting December 1, 2026, after a comprehensive transition. Ben-Nono is currently the deputy CEO and head of finance and investments at Clal Insurance Credit, with about 20 years of experience in financial management and accounting.

Dori Nae, who holds about 70% of Nae Group's shares and was previously CEO, will transition to the role of active Vice Chairman of the Board, working approximately 66% of a full-time role. In this capacity, he will continue to manage relationships with the banking sector and capital markets, oversee risk management, and support the new CEO and chairman. His annual compensation will be reduced by about 70%, eliminating the variable component capped at NIS 2 million.

Shachar Oshri will continue as active Chairman of the Board for another 10 years. In exchange, he will receive restricted stock units (RSUs) representing approximately 2.4% of the company's fully diluted share capital, vesting over seven years, contingent on the company meeting high annual net profit targets. Ilan Cohen will join the board as an external director, replacing Gidi Altman. Cohen has 32 years of experience at Bank Leumi, including 15 years in senior management roles within the commercial sector.

The company stated that these changes will not impose significant additional costs, with the new CEO's annual employment cost matching the outgoing CEO's compensation, excluding a one-time signing bonus. The equity-based compensation for senior management is tied to profit targets, aligning their interests with shareholders. Nae Group has distributed approximately NIS 600 million in dividends since becoming a public company, with NIS 380 million paid in the last five years. The changes require shareholder approval. The company's credit policy, risk management, and operational profile remain unchanged. As of June 30, 2026, Nae Group managed a credit portfolio of approximately NIS 5.4 billion, with equity of NIS 1.1 billion and a return on equity of about 18%. The company has outlined plans to grow its credit portfolio to NIS 6.4 billion and equity to NIS 1.28 billion by the end of 2027.