Leon Recanati
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Leon Recanati | |
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| Born | May 10, 1948 |
| Nationality | Israel |
| Occupation(s) | businessman and philanthropist |
| Known for | co-chairman of IDB Holding Corporation |
| Children | 3 |
| Parent(s) | Mathilda Carasso Daniel Recanati |
| Relatives | Raphael Recanati (paternal uncle) |
Leon Recanati (Template:Lang-he-n; born May 10, 1948) is an Israeli businessman and philanthropist.
Early life and education
Lean Recanati was born the son of Mathilda and Daniel Recanati.[1] His father served as CEO of the Israel Discount Bank and along with his brothers, established the IDB Holding Corporation.[2] After completing his military service, Recanati earned a B.A. in economics and an M.B.A. at Hebrew University in Jerusalem.[1]
Career
In 1971, he worked for the Israel Discount Bank – which was founded by his grandfather – eventually being appointed the deputy CEO in 1979 with responsibility for all the branches and marketing. In 1986, he transferred to IDB Holdings, the investment side of the family business where he rotated through various chairmanships at Supersol, Delek and Clal, and later served as co-CEO and co-chairman of IDB Holding.[1]
In May 2003, the family sold IDB Holding to Nochi Dankner[3] and divided its assets. With his share, Recanati established Glenrock, an investment company, which he ran with his wife Shula Recanati and Ziv Kop.[3] It has three divisions: GlenRock America assists Israeli businesses in entering the American market and also serves as a conduit for American investors to invest in Israel (headed by Larry Graev); GlenRock Israel invests in local technology companies; and GlenRock Italy advises Israeli businesses in penetrating the Italian market and serves as a bridge for Italian investors interested in investing in Israel (headed by Rony Benatof).[1]
In 2007, he purchased a 50.4% stake (73% total with two minority partners) in the Gmul Investment Company for NIS 600 million more than twice its market capitalization. Gmul was an investment holding company with stakes in real estate, hotels, investments, and automotive. It was founded in 1950 by Bank Hapoalim, the Histadrut labor federation and several pension funds then sold to the brothers Jules and Eddy Trump, who listed it on the Tel Aviv Stock Exchange, and then later sold in October 2003 to Eyal Yona and Amnon Barzilay.[3] Performance at Gmul quickly deteriorated. Recanati stated: "At this point I can say that buying control of Gmul was the worst deal I have ever made in my long career, and I have lost more than any other Gmul share or bond investor. Under the current circumstances, as of now, I cannot invest any more in Gmul, but I hope that we can all work together to find a solution and reach a fair, mutually agreed-upon arrangement."[4] In October 2011, he sold half of his 50.4% investment in Gmul to Itzhak Gvilli for NIS 20 million.[5] He resigned as chairman of Gmul in July 2012.[6]
Philanthropy
Recanati serves as vice chairman of the Israel Cancer Association.[1] He has served as chairman of Tel Aviv University's Development Committee and he also is involved with the Israel Museum and the Tel Aviv Museum.[1] Recanati established the Tapuah program in Israel which established 48 centers in disadvantaged areas and Bedouin, Druze and Arab villages where basic computer and internet training is provided.[1]
Personal life
Recanati is married to Shula Recanati. They have a daughter together.[7] He has two children with his first wife Mira. Their daughter Dafna is married to American philanthropist and investor Thomas Kaplan.[8][9]
References
- ^ a b c d e f g Jewish Virtual Library: "Leon Recanati" retrieved May 12, 2013
- ^ "Leon Yehuda Recanati". Tel Aviv University/Recanati Business School. Retrieved 2013-02-18.
- ^ a b c Haaretz: "The losses of Leon Recanati - He had it all: money, prestige - but the scion of the banking family wanted more" By Nathan Lipson December 10, 2008
- ^ Haaretz: "Recanati: 'Buying Gmul was the worst deal in my life' -Leumi is demanding immediate repayment of NIS 5 million in loans" By Michael Rochvarger and Yuval Maoz December 10, 2008
- ^ Haaretz: "Recanati Cutting his losses / Recanati sells half his stake in Gmul - Leon Recanati, through his privately owned company Legov, sells 25.2% of the company's stock, representing half his 50.4% stake, along with a share in control to CPA Itzhak Gvilli for up to NIS 20 million" By Michael Rochvarger October 6, 2011
- ^ Reuters: GMUL Investment Company Ltd Announces Resignation of Chairman, Mr. Leon Recanati July 30, 2012
- ^ Glen Rock Israel website: Management - Dr. Shula Recanati retrieved May 12, 2013
- ^ http://www.nytimes.com/2010/01/10/nyregion/10routine.html
- ^ Forbes profile