Rakefet Russak-Aminoach will be Bank Leumi's next CEO, according to a much-expected decision taken on Sunday by the bank's board of directors.
Russak-Aminoach, 46, had been competing against former banks commissioner Rony Hizkiyahu. The board took five hours to come to its decision.
Russak-Aminoach was the easier choice: She is the favorite of outgoing CEO Galia Maor, who is departing after 17 years on the job.
Russak-Aminoach started out her career as Maor's personal assistant in 1992, rising through the ranks in the financial sector. She returned to Leumi eight years ago, and was Maor's deputy for the past year.
Despite Hizkiyahu's rich banking experience, he lacked internal knowledge of the bank, which would be particularly important to ensure a smooth transition during these times of economic uncertainty. Now, Hizkiyahu is considered likely to take up a senior post within the Delek group.
One of Russak-Aminoach's first tasks will be to deal with the bank's efficiency plan. Leumi, Israel's second largest bank, announced on Sunday that it would be laying off 800 workers and transferring another 600 workers from bank branches to its headquarters, in a bid to cut down on rental space. It also intends to cut payments to suppliers.
The banking sector is also facing the brewing debt crisis in Europe and a drop in local consumer spending.
