Israel Discount Bank of New York’s board of directors has elected Ilan Kaufthal as chairman, effective immediately. Jake Berman retired as chairman of the Board on March 12.
IDB Bank is amidst executing a five year strategic plan that will result in company-wide transformation. Key areas of focus are: growth through expertise, infrastructure improvements, and culture change. The results are progressing ahead of plan, which is evident in the 2018 results with a record year for the bank with $96 million in net income and a return of equity of 10.4 percent.
“It was an honor for IDB, but especially for me, to have Jake as our chairman of the board. Under his leadership, IDB was able to conceptualize, draft and begin to execute a strategic plan for continued and sustainable growth. His guidance to me and to the board meant a lot,” said Uri Levin, president and CEO of IDB Bank. “Ilan’s appointment as chair will only catalyze IDB’s transformation and continued growth. Ilan’s deep experience will make a profound impact on IDB’s ability to deliver on our promise of full-service banking through personal relationships. We’re delighted to welcome him to the IDB family.”
Ilan Kaufthal has more than 30 years of markets and banking experience. He is an acknowledged leader and innovator in investment banking. Kaufthal currently serves as chairman of East Wind Advisors, an independent, industry-focused investment banking firm. Before joining East Wind Advisors in 2011, he was senior advisor to Irving Place Capital, formerly known as Bear Sterns Merchant Banking, from 2008 to 2011. Kaufthal was vice vhairman of Bear Stearns and Schroder & Co., as well. Kaufthal currently serves on a number of professional and philanthropic boards. He is chairman of the board at Tronox, a chemical company, as well as a board member at Cambrex, a life sciences company and Macsteel, a metals company. He is chairman of the Friends of Bezalel Academy of Arts and Design, Israel’s national school of art. He is on the board at the Columbia University Medical Center and a trustee at The Russell Berrie Foundation and at The Ramaz School in Manhattan.
