Dori Na'ouri Steps Down as Na'ouri Group CEO After 16 Years
Dori Na'ouri, the controlling shareholder and CEO of Na'ouri Group for nearly 16 years, is stepping down from his CEO role. He will transition to serve as the Deputy Chairman of the Board, while Shachar Osri will continue as Chairman. Tzachi Artzi, currently head of the construction and real estate division at Bank Leumi, will succeed Na'ouri as CEO. Artzi's appointment is effective by July 4, 2027, following a comprehensive handover process and regulatory approval from the Capital Markets Authority.
In parallel, Na'ouri Group is also changing its CFO. Aviv Ephraim will depart on December 1, and Eti Ben-Nono, currently Deputy CEO and head of finance and investments at Clal Insurance Credit, will take over the role. Na'ouri Group is currently valued at approximately NIS 1.6 billion, with its stock price increasing by about 154% over the last five years. Na'ouri's 70% stake is valued at around NIS 1.1 billion.
The leadership change occurs as the company shifts its focus. In recent years, Na'ouri Group concentrated on expanding credit activities within the real estate sector. However, with the industry now facing concerns about stagnation, reduced demand, financing pressures, and difficulties for smaller contractors and developers, the management transition gains significant importance. Na'ouri departs at a time when exposure to real estate credit is a critical issue for non-bank credit companies, presenting a key challenge for the new leadership.
