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Title: Top Oil Executive Quits

Resignation Attributed to Clash with Chairman Ovadia Eli

April 10, 2000

By Amiram Cohen Ha'aretz Correspondent

The managing director of Oil Refineries, Ltd. (ORL), Zvi Greenwald, resigned yesterday, with immediate effect.

The board of directors accepted the resignation and appointed the deputy director for operations and commerce, Yashar Ben Mordechai, as Greenwald's interim replacement until a new managing director is selected.

The announcement came as a surprise but some sources attributed Greenwald's abrupt departure to a rift between him and the ORL board chairman, former MK Ovadia Eli.

"The problem was and continued to be the relationship between the managing director and the chairman," said a source close to ORL. "There is no way for two captains to steer the same ship."

Company sources say Eli's activist role tends to put him in conflict with senior management and Greenwald's resignation came after his relationship with Eli soured. His predecessor as director of ORL, Moshe Farjoun, also left after falling out with Eli, the sources said.

"It is unreasonable for a chairman to seek all the authority for himself while placing all the responsibility on others," one senior ORL source remarked. This source suggested that Greenwald had decided to resign when National Infrastructure Minister Eli Suissa and Prime Minister Ehud Barak decided to appoint Eli to another term as board chairman.

Industry sources say Ben Mordechai is the leading candidate to become the next ORL managing director. Eli is expected to recommend his appointment to Suissa - the appointment requires cabinet approval.

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http://www3.haaretz.co.il/eng/scripts/article.asp?mador=2&datee=04/10/00&id=75054

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-- (Dee360Degree@aol.com), April 10, 2000