Chairman of Israeli Telecommunications Giant Bezeq Makes Surprise Resignation
Shlomo Rodav's decision came after management battle with controlling U.S. fund Searchlight
Bezeq Group Chairman Shlomo Rodav is resigning, he told the company’s board on Monday.
The company sent out a laconic press release announcing Rodav’s departure and stating that former chairman David Granot would be temporarily taking his place.
Bezeq is controlled by B Comm, which is controlled by the Searchlight Fund (60%) and David Forer (11.4%). They completed their acquisition of control in 2019 in a 485 million shekel deal.
There had been rumors that Rodav was planning to leave due to tensions with Searchlight, but the controlling shareholders denied it for months, and Rodav himself declined to respond.
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The group claims that Rodav’s departure was a surprise. “We had no indication that he planned to leave,” said a shareholder. “He didn’t give us a chance to stop him.”
Rodav’s decision apparently came after Searchlight tried to change Bezeq’s management policy in a way that Rodav said would limit the power of minority shareholders. Rodav said this would not serve Bezeq’s interests. Along with the external board members, he convinced shareholders from the public to vote against the proposal in a major blow for Searchlight.
However, a former Bezeq executive stated, “Rodav saved Bezeq.”
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