Isracard CEO Shrinks Management Team and Scraps Strategy and Credit Divisions

Isracard CEO Itamar Forman is reducing the company’s executive team to nine members from 11 and abolishing two divisions that will be merged elsewhere in the organization. The move effectively dismantles part of the management structure built under former CEO Ran Oz.

The reorganization comes after a series of major strategic steps in recent months. Those included a strategic agreement with El Al tied to the Flycard loyalty club, described as Israel’s leading customer club, and the transfer of Flycard operations to Isracard’s full issuance and operations. The company also signed a memorandum of understanding to buy the operations of Bank Ash, with the aim of turning it into Isracard Bank later on.

Under the new structure, the strategy division will no longer exist as a standalone unit, and its activities will be folded into other parts of the company. The credit function will be moved under the private customers division, headed by Lior Raviv, and will continue as a department. The technology division will remain independent.

As part of the change, three senior executives are expected to leave the company, Gila Lehar, vice president of credit; Gili Hoch, vice president of strategy and business development; and Ofer Lewinger, vice president of technology.