Canadian David Azrieli, 92, has stepped down as chairman of the board of the Tel Aviv-based Azrieli Group Ltd. due to his “medical condition,” the company announced July 3.
His daughter, Danna Azrieli, was appointed acting head of the real estate development and management company, a public corporation listed on the Tel Aviv Stock Exchange.
The billionaire Azrieli, who has been dividing his time between Montreal and Israel for many years, was reported in the Israeli media to be in deteriorating health.
The Azrieli Group, which he founded in 1982, built Israel’s first shopping malls, and currently manages 13 of them in the country. It is also a major developer of office buildings, the flagship of which is the Azrieli Center, the skyscraper complex in Tel Aviv.
The company, which also includes holdings in financial services, went public three years ago.
Danna Azrieli, one of his four children, has been deputy chair of the board.
Members of the Azrieli family, through the Canadian-based Azrieli Foundation, are major philanthropists, donating millions of dollars each year to both Jewish-related causes and other educational, cultural and scientific endeavours.
