CEO of Tel Aviv Stock Exchange Resigning Due to Illness

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Yossi Beinart at the recently opened new Tel Aviv Stock Exchange, September 2014.Credit: Bloomberg

Yossi Beinart, the chief executive of the Tel Aviv Stock Exchange (TASE), intends to resign due to illness, the Israeli bourse said on Wednesday.

Beinart in June took a leave of absence and his deputy, Gal Landau, has been filling in.

The TASE said its board on Thursday will decide on forming a search committee to select a new CEO.

A former CEO of the North American Derivatives Exchange (NADEX), Beinart became head of the Tel Aviv exchange in January 2014.

"During his tenure, Yossi contributed greatly to the exchange in one of its most difficult periods in its history," TASE said in a statement.

TASE, which is struggling with falling trading volumes and a declining number of listed companies, is in the process of a demutualisation plan that has already been approved by the bourse's members and Israel's cabinet. It still needs parliament's approval.

A senior Nasdaq official earlier in the day said TASE must make significant changes or it will run itself out of business.