The chairman of Israeli retailer Shufersal said on Tuesday he was stepping down after a special committee voted to not renew his tenure for another year, Trend reports with reference to Reuters.
Shufersal, Israel's largest supermarket chain, did not say why the committee opted not to extend Yaki Vadami's term. It named board member Ran Gottfried as interim chairman.
Vadami will also no longer be on Shufersal's board.
Shufersal, with a market value of 7.5 billion shekels ($2.3 billion), does not have a controlling shareholder and is being run by a number of Israeli institutions.
Last week, Delek Israel, which operates gas stations and convenience stores, proposed to merge with Shufersal in a deal that would give it 20% ownership of the retailer. Israeli media reported that some of the investment firms which own Shufersal are opposed to this move.