Naoy Group Strengthens Senior Management with Key Hires from Bank Leumi

Naoy Group, a leading Israeli non-bank credit company, announced a significant expansion of its senior management team on Thursday, aimed at supporting future growth. The strategic restructuring, 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. Tzahai Artzi is set to become the new CEO by July 4, 2027, after a comprehensive 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.

Eti Ben-Nanu will assume the role of CFO by December 1, 2026, following a similar transition. Ben-Nanu 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 Naoy, the company's controlling shareholder and current CEO, will transition to an active Deputy Chairman of the Board role, focusing on banking and capital market relations, risk management, and supporting the new CEO. His annual compensation will be significantly reduced by approximately 70%, with the elimination of a variable component capped at NIS 2 million.

Shachar Oshri will continue as an active Chairman of the Board for ten years, receiving restricted stock units (RSUs) totaling about 2.4% of the company's equity, vesting over seven years and 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 extensive experience from Bank Leumi, where he spent 32 years, including 15 years in senior management roles.

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 is tied to profit targets, aligning management's interests with shareholders. Naoy 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 company's credit portfolio stood at approximately NIS 5.4 billion as of June 30, 2026, with equity of NIS 1.1 billion and a return on equity of about 18%. The credit policy, risk management, and operational profile are expected to remain unchanged.