Nawi Group CEO Dori Navoi Steps Down After 16 Years, Bank Leumi Executive to Take Over

After nearly 16 years, Dori Navoi, CEO and controlling shareholder (70%) of Nawi Group, is stepping down from his post. He will be appointed Vice Chairman of the Board of Directors, while Chairman Shahar Oshri will remain in his position.

Navoi will be succeeded by Tsahi Artzi, currently head of the construction and real estate division in the business sector at Bank Leumi, as well as chairman of credit committees and a member of the bank's supreme credit committee. Artzi is set to assume the role by July 4, 2027, following a structured handover process and subject to receiving a non-objection notice from the Capital Market Authority.

Concurrently, Nawi Group is replacing its Chief Financial Officer. Aviv Efraim will finish his term on December 1, to be replaced by Eti Benanu, currently Deputy CEO and Head of Finance and Investments at Clal Credit Insurance.

Nawi Group is currently traded at a market capitalization of approximately 1.6 billion NIS. The company's stock has risen by about 154% over the past five years. Consequently, the value of Dori Navoi's 70% stake is estimated at roughly 1.1 billion NIS.

This leadership shuffle comes against the backdrop of a strategic pivot in Nawi's operations over recent years. For the past four years, the company has heavily focused on expanding credit activity toward the real estate sector and the companies operating within it. Now, as the sector grapples with fears of stagnation, declining demand, financing pressures, and growing difficulties among small contractors and developers, the management change gains heightened significance. Navoi departs precisely at a time when credit exposure to the real estate sector has become a central issue for non-bank credit firms, and the incoming leadership will be required to tackle this challenge head-on.