Cal Credit Card Company Fires Senior Executive Ahead of Sale Decision

Cal, a leading Israeli credit card company, has dismissed Odelia Moshe Ostrovsky, its deputy CEO and head of the business and partners division, just before the Competition Authority's decision on the company's sale. Ostrovsky, who also served as CEO of Diners for the past two years, follows HR VP Lital Wexler, who recently resigned amid tensions with the new CEO, Yafit Griani. Industry insiders expect further executive changes may occur but not imminently. The Competition Authority is currently finalizing its ruling on Cal's proposed sale to the Union Group, owned by the Horesh family, and Harel Insurance for up to 4 billion shekels. A key complication involves potential conflicts of interest, as Union partially owns Super-Pharm (35%), while Cal controls the Shufersal club, linked to Be, Israel's second-largest pharmacy chain. Regulators are concerned about sensitive consumer data possibly leaking to the same group. The sale was initiated nearly a year ago when Discount Bank, led by Avi Levi, chose the Horesh-Harel consortium to acquire its shares in Cal. Shortly after, longtime CEO Levi Halevi resigned to lead El Al Airlines, with Griani appointed as his successor. Cal is set to release its Q2 and half-year financial results on the upcoming Wednesday. Cal has not commented on the recent executive dismissal.