90-Year-Old Billionaire Shlomo Eliahu Takes Over as Temporary CEO of Migdal
At 90 years old, Migdal controlling shareholder Shlomo Eliahu has taken over as temporary CEO of Migdal Holdings, stepping into the role amid ongoing managerial turbulence and regulatory scrutiny.
Business longevity has long been celebrated globally, with legends like Warren Buffett, Rupert Murdoch, and Israel's late Stef Wertheimer leading corporate giants well into their advanced years. Now, the Israeli capital market adds a dramatic new chapter to this tradition as 90-year-old businessman Shlomo Eliahu steps in as temporary CEO of Migdal Insurance and Financial Holdings.
Eliahu, who owns 45.5% of Migdal shares, takes the reins following the abrupt departure of CEO Yossi Ben Baruch last April. Eliahu's direct intervention comes amid prolonged managerial instability that has seen eight different chief executives rotate through the insurance giant over the years, triggering severe friction with Capital Market Authority chief Amit Gal over corporate governance norms.
Despite Eliahu taking executive control, other key leadership positions remain intact: Prof. Roni Gamzu continues as chairman of Migdal Holdings, the controlling shareholder's son Israel Eliahu heads Migdal Capital Markets, while Raviv Zoller and Ronen Agassi remain at the helm of the Migdal Insurance subsidiary.
The regulatory standoff reached a boiling point last June when the Capital Market Authority slapped Migdal with a severe 6.5 million shekels fine following a scathing audit report detailing governance failures and improper management practices at the firm.