Sapir Corp has named former Elad U.S. Holding CFO Sharon Raz as its next CEO, the development firm announced Monday. The appointment comes a week after the company’s previous CEO, Amir Richulsky, resigned to pursue a job opportunity in a different industry.
“Sharon Raz is a seasoned leader with just the right experience to lead the company, and we are thrilled that the board has approved her appointment,” said Alex Sapir, the firm’s chairman, in a statement. “Sharon’s background in finance and real estate will be an invaluable asset as we work to execute our long-term strategic vision.”
In her five years at Elad, Raz’ responsibilities included supervision of accounting and securing construction loans of up to $700 million. Raz previously worked at Israel Discount Bank of New York, serving on the board of directors of the bank’s Latin American division.
Raz will be Sapir Corp’s second new CEO in 2020. Richulsky had taken over the role in May after Baruch Itzhak left the firm to join one of Israel’s top real estate companies, Property & Building Corp, as CFO.
According to a filing on the Tel Aviv Stock Exchange, Raz’s base salary will be $300,000, a 20 percent increase from her predecessor’s reported pay — which Sapir said at the time had been reduced because of the pandemic.
Sapir Corp owns the NoMo Soho hotel at 9 Crosby Street in New York City, the Arte luxury condo building in Miami’s Surfside and a pair of development sites in New York and Miami that it is marketing for sale.