90-Year-Old Shlomo Eliyahu Appointed Interim CEO of Migdal Insurance

Shlomo Eliyahu, the controlling shareholder of Migdal Holdings, has been appointed interim CEO of Migdal Insurance. The 90-year-old Eliyahu, who owns 45.5% of Migdal Holdings' shares, assumed the role on Thursday and will manage the subsidiary, which is the main holding of the parent company.

Eliyahu replaces Yossi Ben Baruch, who unexpectedly resigned as CEO of Migdal Insurance in April. Ben Baruch had previously served as CFO of Migdal Holdings before becoming CEO of the insurance company. He joined Migdal with Shlomo and Israel Eliyahu after working as a senior finance executive at the Eliyahu Group before their acquisition of control of the company.

In recent years, Migdal has struggled with stability in its senior management. Since Eliyahu gained control, the company has seen eight CEOs and several chairmen. At one point, Migdal Insurance operated for nearly a year without a permanent chairman.

In June, the Authority imposed a NIS 6.5 million fine on Migdal following an audit report that examined the company's conduct from 2021-2024. The report cited deficiencies in board relations, factionalism, sidelining of the chairman from deals, and Eliyahu's undue involvement in decision-making. Gal has also intervened in the composition of Migdal Insurance's board and the identity of its chairman. He opposed a move to end director Avi Dotan's tenure and previously blocked Eliyahu's attempt to appoint Roni Gamzu as a director and later chairman, though Gamzu eventually withdrew his candidacy. Raveev Tsoler was elected chairman of Migdal Insurance in May.

Migdal's stock has risen 63% in the past 12 months, with the company valued at NIS 19.7 billion. Eliyahu's holdings are worth approximately NIS 8.9 billion, after he sold shares worth over NIS 1 billion since mid-2024.