Assaf Elder is stepping down as head of the banking division at Bank Discount after 16 years with the institution to take over as chief executive officer of Direct Insurance.
Elder will replace Kobi Haber, who announced his resignation from the insurance firm after holding the role for more than eight years. The board of directors at Direct Insurance approved the appointment, and Elder is slated to assume his new responsibilities at the beginning of 2027, following Haber’s departure at the end of December, Calcalist reported.
Elder joined Bank Discount in 2010 and climbed through the executive ranks, eventually joining the management team as a senior vice president in 2019. During his tenure as head of the banking division, he oversaw retail operations, branch networks, mortgages, customer service, and private banking while spearheading digital transformation and artificial intelligence integration.
Elder has served as head of the banking division at Discount since July 2023, when he was appointed to the role during bank Chief Executive Officer Avi Levy’s first round of appointments.
The transition arrives amid a wider wave of executive departures across the Israeli banking sector. On the same day as Elder’s announcement, the First International Bank of Israel reported that Ron Grisro, head of its retail division, is leaving his post after a decade with the group. Less than two weeks prior, Clara Tzefergel departed Bank Hapoalim after a career spanning 45 years.
Reflecting on his departure, Elder said that after 17 years at the bank, he is excited to embark on a new path as CEO of Direct Insurance, pointing to milestones such as the establishment of the Discount Campus in Rishon LeZion and the formation of the operations division.
“Assaf is an esteemed manager with a professional reputation whose achievements in the financial world speak for themselves,” said Muki Schneiderman, chairman and controlling shareholder of IDI Insurance.
Bank Discount Chief Executive Officer Avi Levy thanked Elder for his contributions, noting his leadership across multiple roles within the institution.
Financial disclosures indicate that Elder’s total compensation package at Bank Discount reached 3.44 million shekels for 2025, comprising 3.3 million shekels in salary and a 1.1 million shekel bonus. By comparison, his predecessor Haber drew a total compensation package of 5.1 million shekels last year, consisting of roughly 4 million shekels in salary and a 1.1 million shekel bonus.
Elder will officially take the helm at Direct Insurance at the start of 2027.
