Elron ousts chair Lisya Bahar Manoah as shareholder feud heads toward court
Eric Bentov and Evan Renov secured board approval to replace their fellow controlling shareholder with Daniel Hoz. Bahar Manoah has challenged the process and issued a formal notice of intent to pursue legal action.
The conflict among Elron’s controlling shareholders has reached a boiling point. The company announced on Wednesday that Lisya Bahar Manoah had been removed as chair of its board of directors. Bahar Manoah has already issued a formal notice of intent to initiate legal proceedings, challenging the process by which she was ousted and raising the prospect that the dispute could ultimately be settled in court.
The move was orchestrated by fellow controlling shareholders Eric Bentov and Evan Renov, who sought to replace Bahar Manoah as chair. Each of the three holds a one-third stake in the controlling interest through Arieli, the company they jointly own. Bahar Manoah had served as Elron’s chair since Arieli acquired control of the technology holding company.
Elron’s seven-member board, which includes four independent directors, approved the proposal to replace her. Yaniv Rog and Ido Heller are also joining the board, with Dana Gerner, the former CFO of Cellebrite, due to join on Thursday.
Arieli acquired a 58% stake in Elron for $53 million in September 2024, gaining control of the technology holding company.
The dispute between Bentov and Renov on one side and Bahar Manoah on the other has intensified in recent months. Bahar Manoah filed a police complaint alleging that the two men had threatened her. Bentov and Renov, meanwhile, accused her of opposing a proposed settlement with The Phoenix Investment House, to which Arieli owes NIS 100 million in debt incurred to finance the acquisition of control.
The two men alleged that Bahar Manoah was seeking to facilitate the sale to a third party, at a low price, of shares pledged to The Phoenix as collateral for the loan.
A settlement has since been reached with The Phoenix. Under its terms, the investment house received approximately NIS 20 million toward the loan in exchange for an extension of the repayment deadline.
On Wednesday evening, Elron reported that its board had approved, by majority vote, a proposal from Bentov and Renov, who also serve as directors, to replace Bahar Manoah with Daniel Hoz. Hoz, who previously chaired Elron when it was controlled by Discount Investment Corporation (DIC), has been appointed interim chairman.
In its filing, Elron said Bahar Manoah had raised objections both orally and in writing, including concerns about the timing of the decision, alleged conflicts of interest and what she described as improper considerations influencing the directors involved.
The directors rejected the allegations during the board meeting, according to the company. They argued that their request was based on Elron’s business affairs and their assessment of the company’s best interests.
