Press reports said the news came as a surprise, even though Galia is over 65 years old. A successor at Leumi Group, which is often referred to as Bank Leumi and which is listed on the Tel Aviv Stock Exchange, was not named.
Maor, whose title was president and chief executive, said in a statement that preparations for a “multi-year work plan” had been completed, and that she felt she therefore could “retire in confidence knowing that the current management team will implement the plan successfully”.
According to Israeli media, Maor had been the first woman to serve as Supervisor of Banks in Israel, from 1982 to 1987, and, upon her appointment to the head of Leumi in 1995, became the first woman to head a major Israeli bank. In between those roles, she served as an adviser to the World Bank.
She is credited with having played a role in Bank Leumi’s relatively strong showing during the 2008 downturn, and helping it to emerge afterwards as Israel’s largest bank in terms of assets, overtaking Bank Hapoalim.
Bank Leumi board chairman David Brodet praised Maor’s “tremendous contribution to the Leumi Group” and said she left behind “a glorious legacy”.
Brodet added that an “orderly” search for her successor will be carried out by a board committee.
Possible successors
Among those said to be likely candidates for the role to succeed Maor is another woman banker, Rakefet Rosek-Aminach, who is senior deputy CEO at Bank Leumi, and who led its corporate business division for eight years, according to the website of Globes, an Israeli business daily. Another former Supervisor of Banks, Roni Hizkiyahu, is also thought to be a strong candidate.
According to its website, Bank Leumi was established in 1902 by Dr Benyamin Herzl, who intended for it to be "the financial arm of the Zionist movement". It was originally known as the Anglo-Palestine Bank, and was initally based in London.
Today Bank Leumi operates 336 branches and representative offices in 18 countries around the world.
