Marin resigns as head of Africa Israel USA

Richard Marin, chairman and CEO of Africa Israel USA has resigned suddenly and left the company after just two years on the job, the Wall Street Journal reported. Tamir Kazaz, the company’s CFO, will take over as CEO but Africa Israel does not plan to appoint a new chairman. It doesn’t appear to have been an entirely amicable split, with sources saying Marin’s departure came unexpectedly and amid disagreements with senior management. Marin was originally hired to help put some of the projects back on track that the developer picked up during the boom years, and he’d had some success in that realm. Africa Israel has signed on Bowlmor Lanes and Discovery TSX at the former New York Times building near Times Square, though the planned hotel has yet to come to fruition, and is negotiating a new construction loan at the Clock Tower Building at Madison Square Park. Marin is said to have received a roughly $1.25 million bonus earlier this year. [WSJ]