The World - News from Jan. 26, 1987

Directors of Bank Leumi, Israel’s largest bank, approved the appointment of a new chairman who was chosen to lead the bank out of a multimillion-dollar pension and severance pay scandal. Meir Heth, former director of the Israeli stock exchange, was named to replace Bank Leumi Chairman Eli Hurowitz, who resigned Jan. 13 along with other bank directors. Hurowitz resigned in the midst of a scandal over the bank’s decision to pay a former chairman, Ernest Japhet, $5 million in severance and $30,000 a month as a lifetime pension.